While the United Auto Workers was unable to persuade Detroit's automakers to open their defined benefit pension plans to resolve the 46-day strike that ended in November, it coaxed the companies into doing the next best thing: The automakers agreed to provide workers with guaranteed retirement income options.
GM and Stellantis have already taken action, offering their union workers access to Hueler Companies' annuity platform.
The Hueler "Income Solutions" platform "allows individuals to compare low-cost, competitively bid lifetime income annuities from multiple insurance companies and choose the income stream best suited to their personal financial needs," a Stellantis spokeswoman said in a statement.
The platform, which became available to the company's U.S. salaried employees and retirees in September, is now available to union workers as well, she said.
GM, meanwhile, will make the platform available to union workers no later than Feb. 1, a GM spokesman said in an email.
"GM's goal in negotiations was to reach an agreement that rewards our employees and allows us to be successful into the future," he said, adding that employees had indicated that one of the things they valued was income security in retirement.
The platform has been available to GM salaried workers since 2015.
Ford did not respond to an email requesting information about what it was doing to provide union workers with retirement income options.
Hueler's annuity platform gives users real-time, institutionally price, annuity quotes based on criteria they feed into it.
"We know that we can deliver really competitive pricing and keep costs very low," said Kelli Hueler, CEO and founder of Hueler Cos.
Hueler said the company was asked by GM to join a meeting with the UAW during contract negotiations to explain how its annuity platform works.
"It's especially gratifying whenever you're able to help people see that there is a very valuable alternative to a traditional pension, even though — as well all know — traditional pensions are wonderful," Hueler said.
Hueler described the platform as an "excellent compliment" to a traditional pension. When a pension plan doesn't exist, the platform creates "an opportunity for individuals to create their own personal pension," she said.
