WINDSOR, Conn., March 31, 2011 /PRNewswire/ -- ING's U.S. Retirement Services operations announced today that it has been selected as a new service provider for the Howard University & Howard University Hospital Savings Plan.
As of April 1, 2011, Howard University and Howard University Hospital employees who participate in the program will be able to choose ING to provide and administer their retirement benefits options.
Founded in 1867, Howard University is a federally chartered, coeducational research university located in Washington, D.C. The private, nonsectarian institution serves more than 10,000 students and is recognized as the largest and one of the most prominent historically black colleges and universities (HBCU) in the country. It is composed of 12 schools and colleges, and offers 88 fields of study at the undergraduate, graduate and professional level.
Howard University and Howard University Hospital employ approximately 6,700 individuals. The savings program, which consists of a 403(b) and a 457 plan, has over $750 million in assets under management.
"Howard is committed to helping employees and their families prepare for their financial future," said Jimmy Jones from the Howard University Office of Talent Management. "We are pleased to welcome ING as a new provider in our 403(b) and 457 savings program. Beyond excellent local representatives and a breadth of tools and services, we selected ING for its culturally relevant approach to financial education, strong commitment to the HBCU community and consistent track record of supporting issues that impact urban communities."
"Selecting a partner to administer retirement benefits is one of the most critical choices employers can make for their workforce," said Michael Rhim, a principal with PRM Consulting Group, who led the vendor evaluation for the university. "Howard needed a true partner to help meet the unique needs of its plan participants and ING stepped up. They listened and understood the situation and built a competitive offering for Howard and its retirement plan participants."
Educators and staff at the university will have access to ING's local representatives, who are available for face-to-face meetings with participants on a group or individual basis. Employees will also be able to leverage ING's wide range of financial literacy and planning resources to help them determine if they're on track to reach their financial objectives in retirement.
"ING is thrilled to provide retirement savings support for employees of Howard University and Howard University Hospital," said Brian Comer, president of Public Markets for ING U.S. Retirement Services. "ING has been serving the unique needs of educators for over 40 years. We know and invest in this market, and we've been expanding our commitment to higher education institutions, particularly those in the HBCU community. ING offers a complete package of products, services, resources and support. We're also uniquely positioned with a network of experienced, local financial professionals who are able to meet face-to-face with our customers."
ING is one of the top providers to higher education retirement plans in the industry. The business serves education employers and customers across all 50 states, with offices and representatives in the local communities where it does business. ING is also a provider for 15 government-sponsored retirement plans offered to state university systems.
ING's U.S. Retirement Services business holds top rankings in the defined contribution industry with more than $290 billion in combined assets under management and administration. It is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
In the U.S., the ING (NYSE : ING ) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation. For more information, visit www.ing.us.