Toland Launches ‘Hub’ to Search Annuity Options
Annuity expert Tamiko Toland has officially launched “The 401(k) Annuity Hub,” an independent subscription service helping retirement plan advisors and plan sponsors search and find lifetime income products.
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The independent program allows retirement plan professionals and employers to use their own filters and searches when inquiring about annuity products. According to Toland, the program offers summaries on each product along with a printable PDF for users to compare and document.
Inquirers will be able to search among 32 annuity options, which includes products that are themselves not distinct annuities but utilize the strategies, like SSgA’s IncomeWise, or annuity platforms, Toland states.
The program includes a “wizard”—or a step-by-step guide— that follows a series of primarily structural questions, she adds. It also contains a filter that focuses on structural questions, like managed accounts vs. investment menu or default vs. non-default options, and a search engine where inquirers can explore products by insurer, provider, recordkeeper, or managed account program, Toland comments.
Toland’s program, nicknamed “the Hub,” also shares free education on lifetime income strategies, like its “Friendly Guide to Annuities in 401(k) Plans” and a white paper by Toland that documents the proprietary thought leadership behind the service.
“The Hub addresses a critical need for education and the process of scoping out the landscape of products and identifying solutions that fit a plan’s needs,” Toland tells 401(k) Specialist. “The objective is to help retirement plan fiduciaries go from 0 to 60 when it comes to annuities in 401(k) plans.”
Toland, also known within the industry as the “annuity Yoda,” says the program is a result of years expended understanding lifetime income strategies in retirement planning. In 2023, Toland launched her own practice, Toland Consulting, aimed at facilitating the adoption and acceptance of lifetime income in both the retail and institutional spaces.
The launch came at an opportune time, as studies report rising interest among annuity products with plan sponsors and participants. Research from Nuveen and the TIAA Institute found that 93% of workers saving in 401(k) plans believe it’s important for their retirement plans to provide options that can convert savings into guaranteed income.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
