Ford 401(k) participants in the U.S. — either with a Tax-Efficient Savings Plan for Hourly Employees or Savings and Stock Investment Plan account — who want a guaranteed income stream in retirement now have an easier way to lock in the certainty of a pension with more control.
Earlier this year, Ford Motor Company began offering a new lifetime income annuity marketplace through Hueler Income Solutions.®
This new option reflects our commitment to helping employees support their families today and in retirement — that’s why we work to continuously modernize the benefits we offer our team members.
Ford continues to provide 401(k) plans to all U.S. hourly and salaried employees, providing flexibility, choice, and portability in their retirement planning.
Employees can now use the Income Solutions marketplace to convert a portion of their 401(k) into an annuity. An annuity is a long-term contract between an individual and an insurance company. In exchange for part of the individual’s retirement savings, the insurance company provides monthly payments that are guaranteed for life or for a set number of years, creating a steady, predictable income stream. Annuities can also be structured to provide continued income to a survivor, like a spouse or partner.
Through the Income Solutions platform, employees can compare annuity quotes from multiple insurance providers, model lifetime income payments in real-time, and personalize features to fit their needs. The process is designed to help inform decisions and create greater income security in retirement.
Most importantly, this option gives employees the power to choose what’s right for them, including how much of their savings to use, with no minimum amount required.
To explore options or learn more, Ford 401(k) participants can visit Hueler Income Solutions.
Kenny Miller is vice president, Global Total Rewards, Ford Motor Company.
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The information is intended to be informational and does not include all Plan or policy provisions, limitations, and exclusions. Ford intends to continue the Plan indefinitely but reserves the right to amend, suspend, or terminate the Plan in whole or in part at any time. If there is a conflict between the information presented here and the Plan documents, the Plan documents will control.
