Products July 25, 2014

ABG Partners with Hueler Income Solutions

July 25, 2014 (PLANSPONSOR.com) – Alliance Benefit Group (ABG) has launched a new partnership with Hueler Income Solutions to expand participant access to institutionally priced lifetime income products.
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Individual retirement investors working with ABG’s 15 regional consulting, recordkeeping, administration and advisory firms will gain the opportunity to consider guaranteed lifetime income as part of their broader retirement income plan, the firms explain. This will be accomplished through the combination of Hueler’s Income Solutions platform with ABG’s offerings in the mid-plan market.

Hueler’s Income Solutions platform is designed to facilitate efficient, transparent, low-cost delivery of lifetime income to investors approaching and living in retirement. The platform provides a key service for assisting participants with the process of converting portions of their nest egg into a sustainable income stream for life. Individuals can control when their monthly income payments begin, and choose from a variety of pre-screened insurance companies.

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According to ABG’s President Don Mackanos, many ABG firms have been hearing from their plan sponsors and participants about the fear of participants running out of money when they retire. He says the Hueler solutions are a good answer because they help provide a lifetime income option on a cost-effective basis.

Kelli Hueler, CEO of Hueler Companies, adds, “Collectively, we believe that access to low-cost lifetime income is essential for improving income sufficiency for many Americans and agree that both plan sponsors and advisers play a key role in making our efforts to serve participants successful.”

Products July 25, 2014

Transamerica Integrates PlanSource Enrollment System

July 25, 2014 (PLANSPONSOR.com) – A new partnership between PlanSource and Transamerica Employee Benefits brings more advanced cloud-based benefits administration, exchange, payroll, and human resources information system (HRIS) solutions to employers.
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As part of the collaboration, Transamerica’s TransApp enrollment system will now offer complete integration with PlanSource technology, and employers will be able to utilize PlanSource tools to deliver insurance products from Transamerica Life Insurance Company and its affiliates to employees.

The partnership also means that Transamerica will be added to the list of other PlanSource partners, the firms explain, including Colonial Life and Aetna. These firms work with PlanSource to simplify the participant enrollment process and to give employees more choices when it comes to voluntary benefits. The solutions from PlanSource also help reduce the HR administrative burden via a self-service platform with employee decision support features.

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Employers can also use PlanSource to access dedicated tools for maintaining Transamerica’s policy group information and billing reconciliation. The system allows employers to transmit data between benefit advisers, payroll systems, health plans, insurance carriers, COBRA providers, FSA administrators, HSA administrators and other benefit service providers. Employees can access multimedia educational materials, review benefit options and sign up for Transamerica products through a simplified enrollment process.

John Stanley, chief marketing officer of Transamerica Employee Benefits, says the relationship and integration with PlanSource’s platform provides benefit brokers and consultants with access to enrollment, communication and decision support tools as well. These tools should help advisers empower employees to better manage the benefits selection process, he adds.

Transamerica Employee Benefits is a marketing unit of Transamerica Life Insurance Company offering voluntary life and supplemental health insurance products. More information is available at www.transamerica.com.

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