Pentegra Retirement Services is making available to clients a new lifetime retirement income product in conjunction with Hueler Income Solutions.
The addition of the Hueler Income Solutions product provides Pentegra with the ability to expand access to institutionally priced lifetime income for thousands of retirement plan participants.
“Hueler shares our vision and commitment to improving retirement outcomes for participants. Through this out-of-plan annuity solution, individual investors will have the opportunity to objectively consider guaranteed lifetime income as part of their broader retirement income plan,” says Richard W. Rausser, senior vice president, Pentegra.
Hueler’s Income Solutions product is designed to facilitate efficient, transparent, low-cost delivery of lifetime income to “Transitioning Investors”—both active employees and retirees. The platform provides a service for assisting participants with the process of converting portions of their retirement assets into a reliable income stream, or paycheck for life.
The company claims it is the only institutionally priced, fully automated, multi-issuer platform available in the market today. Individuals benefit from higher monthly income payouts and can choose from a variety of pre-screened insurance companies. All quotes are standardized to improve transparency and the platform offers easy-to-use educational tools.
In anticipation of the new qualified longevity annuity contract (QLAC) regulations, the Income Solutions platform was expanded in 2013 to include deferred income annuities and longevity insurance. A QLAC is a deferred income annuity that pays the annuitant later in life. The advantage of a longevity annuity is only a small initial deposit of premium dollars are needed to guarantee bigger income payments later in retirement years. Hueler is among the first to offer QLACs in this fashion to sponsors and participants. The expanded product offering also addresses a growing demand from individuals for the ability to control when their monthly income payments begin.
“Hueler’s Income Solutions provides a lifetime income option on a credible, cost effective basis, using Hueler’s proprietary search and selection criteria. We are excited to offer this solution to our plan sponsors and participants,” Rausser adds.
More about Pentegra Retirement Services is at www.pentegra.com.