ADP to offer Hueler's annuity platform to over 135,000 employers

The retirement services arm of payroll provider ADP will make Hueler Companies' annuity platform available to the more than 135,000 employers ADP serves as retirement plan record keeper.

The Hueler "Income Solutions" platform will give 3 million retirement plan participants access to "income annuity quotes from multiple insurance companies along with educational resources to help them achieve a secure retirement," Chris Luongo, division vice president, strategy, SBS retirement services for ADP, said.

"We recognize the importance of providing a complete suite of financial wellness solutions to our clients," Luongo said of the company's decision to offer the platform.

The automated platform will become available to ADP's plan sponsor clients in January, he said.

Hueler has long touted its ability to give participants real-time, institutionally priced, annuity quotes based on criteria participants feed into the platform.

It's a tool that plan sponsors "know they can add to their offering that is easy, intuitive and can help people answer questions," said Kelli Hueler, CEO and founder of Hueler Companies.

"We know that we can deliver really competitive pricing and keep costs very low, which always drives better outcomes for the participant," she said.

Hueler estimates that institutionally priced annuities, such as those secured on the Hueler platform, give participants pricing improvements ranging from 1% to 15% over annuity retail offerings.

When participants make a quote request, they're not being sold "bell and whistles or confusing other options," Hueler said.

ADP joins the Vanguard Group, which made the Hueler platform available to all its record-keeping clients in 2010 and sees it as a way to help address growing interest in annuities and other retirement income products among plan sponsors and participants.

"As retirees live longer and subsequently stay in plans longer, we've seen increased interest in solutions that support retirees," said Matt Brancato, head of Vanguard's institutional investor group's client success group, in an email.

The new relationship with ADP follows another important win for Hueler. In September, Hueler added automaker Stellantis to its roster of clients it serves directly.

Hueler has over 25 direct plan sponsor clients, including IBM, Boeing and General Motors, which collectively have more than 1.5 million plan participants, Hueler said.