Wealth management

Wachovia Unveils Immediate Annuity

Published July 18, 2007, 1:00 a.m. EDT

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Updated July 17, 2007, 6:21 p.m. EDT

1 Min Read

Wachovia Retirement Services is offering a new immediate annuity.

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Wachovia Income Solutions, announced Monday, is designed to help participants convert their earnings from their 401(k) plan into a guaranteed monthly income for life or a specific period of five, 10, 15, or 20 years. It also offers participants a variety of options to customize their retirement income stream.

The nine insurance providers bidding on the participants' business are AIG, Genworth, Hartford, Integrity, John Hancock, Metropolitan, Mutual of Omaha, Principal, and Prudential.

The Income Solutions program is provided by Hueler Cos. Inc. of Minneapolis, a technology and research firm.

Wachovia Retirement Services is part of Wachovia Corp.'s retirement and investment products group. That group is a division of the Charlotte banking company's capital management group.

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