New annuity offering available to Wells Fargo 401(k) clients

Wells Fargo press release May 8, 2017 -------- Wells Fargo Institutional Retirement and Trust announces a relationship with MetLife to give retirement plan sponsors a new annuity option for their employees as they plan the distribution phase of their retirement. The MetLife Retirement Income Insurance® qualifying longevity annuity contract (QLAC), now available for Wells Fargo Institutional Retirement and Trust clients, can become an additional distribution option for plan participants during their retirement years. Here’s how it works: As participants approach retirement, they can designate a portion of their plan balance, subject to IRS limits, to go to the MetLife QLAC, which excludes that amount from funds used to determine the required minimum distribution people must take after age 70 ½. The participant must begin to receive income payments from the QLAC on or before their 85th birthday.“Participants face an unanswerable question of how many years they will spend in retirement. Offering this product to our clients supports our philosophy of helping retirement plan participants to and through their retirement,” said Joe Ready, head of Wells Fargo Institutional Retirement and Trust. “We’re pleased to continue to add options that help people prepare for retirement and move the conversation from accumulation into a discussion about managing and drawing down their retirement savings after they retire. At Wells Fargo, we’re committed to supporting participants with tools, resources and products that help them at this stage of the retirement journey.” To learn more click on the picture below to read the release.