Fiduciary Counselors Inc. Serves as Independent Fiduciary For $350 Million Annuity Placement
WASHINGTON, July 17, 2014 /PRNewswire/ -- Fiduciary Counselors Inc., a leading independent fiduciary services firm, is pleased to announce that it served as the independent fiduciary for the Visteon Pension Plan's purchase of a group annuity contract from Prudential Insurance Company of America to settle approximately $350 million of the plan's pension obligations.
"We are pleased to have had the opportunity to represent the interests of the plan and its participants in the purchase of this group annuity contract and to ensure that the annuity selected complied with the fiduciary standards of ERISA," said Jack Miller, President and CFO of Fiduciary Counselors. "This placement confirms Fiduciary Counselors' position as the leader in providing independent fiduciary services to plans settling benefit obligations through annuity purchases." Fiduciary Counselors was advised by Hewitt EnnisKnupp, Inc. and K&L Gates LLP.
Fiduciary Counselors has served as the independent fiduciary for the purchase of $8.3 billion of annuity contracts for pension plans including those of Verizon, Enron, and Visteon.
About Fiduciary Counselors Inc.
Fiduciary Counselors Inc. is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The firm, comprised of both investment professionals and ERISA lawyers, primarily acts as an independent fiduciary for employee benefit plans, offering solutions for a broad range of fiduciary and investment issues.
SOURCE Fiduciary Counselors Inc.