PEORIA, Ill., Aug. 24, 2015 (GLOBE NEWSWIRE) -- ABG Retirement Plan Services has launched a new service, LifetimeIncomeCenter.com, a resource for answering critical retirement planning questions:
- How long will I live?
- Will I run out of money?
- When should I start Social Security payments?
- How would an annuity help me?
"A lot of emphasis has been given to the accumulation side of retirement plans. Plan participants need to be continually educated on the need to invest for retirement," said John Blossom, CEO of Alliance Benefit Group of Illinois. "However, we also need to provide education and tools to participants as they near retirement to maximize retirement income. This service focuses on a participant's individual needs and provides tools to help achieve a successful retirement."
Participants can complete either a short form questionnaire or answer more detailed questions about health and lifestyle issues to receive a comprehensive longevity analysis. Understanding life expectancy and longevity risks is basic to retirement planning.
The site includes a calculator developed by the U.S. Department of Labor that projects participants' retirement plan account balance accumulations as level monthly payments for life to assess retirement readiness and make realistic plans for retirement.
One of the features of the site is an easy to navigate tool that demonstrates the choices about when to begin receiving Social Security benefits. A recent AARP study shows that 80% of Americans will depend partially or substantially on Social Security. "Making the right choices will have a big impact on reaching successful retirement," Blossom added.
The Center offers institutionally priced annuity quotes for guaranteed income of all forms including Qualifying Longevity Annuity Contracts (QLAC). The offering follows the annuity purchase Safe Harbor rules of the Department of Labor (FAB 2015 -2) even though the annuities are purchased outside the employer's plan. Institutionally priced, competitive bid annuity quotes are offered through Income Solutions®, a program of Hueler Financial Investment Services, Inc.
ABG's Lifetime Income Center is available to participants of retirement plans the firm serves and to organizations whose plans are served by other entities.
About ABG Retirement Plan Services
ABG Retirement Plan Services is an independent recordkeeper and plan administrator, serving advisors and retirement plan clients in more than 40 states with its team of more than 70 industry professionals. The firm serves more than 42,000 participants with over $3 billion in retirement plan assets. ABG Retirement Plan Services is a member firm of Alliance Benefit Group, LLC, one of the largest retirement plan administrator organizations in the country. For more information about ABGIL, contact us at (800) 242-2356, email to firstname.lastname@example.org, or visit www.abgil.com
About Hueler Investment Services, Inc.
Hueler Companies was founded in 1987 as an independent consulting firm assisting plan fiduciaries and trustees with research, product selection, and ongoing oversight of their stable value investment funds. Today, Hueler Companies acts as an independent source of industry data, market research, analytical reporting and related services to all major market segments. In 2000, Hueler Companies pioneered the development of a lifetime income program that facilitates efficient, transparent, low-cost delivery of income annuity options to employees at, near or in retirement. To date, over 3,000 plans have access to the Income Soltuions® program. Making Income Solutions® available to millions of participants and retirees.
CONTACT: John D. Blossom, Jr. Alliance Benefit Group (309) 671-4200Source: Alliance Benefit Group-Illinois