WINDSOR, Conn., June 23 /PRNewswire-FirstCall/ -- ING's U.S. Retirement Services operations announced today that it has been chosen by the City of Austin Deferred Compensation Plan Committee to serve as third-party administrator for the city's voluntary supplemental retirement savings program.
The program is a 457 deferred compensation plan which offers a variety of fixed and variable investment options that city employees can use to set aside pre-tax income for their retirement. Under terms of the agreement, ING will provide full recordkeeping and administration support for the program, as well as its participant communication, on-site education and investment advisory services. In addition, a suite of multicultural services will be offered, including multilingual financial literacy, education and enrollment support.
The city currently has approximately $235 million in assets and 10,500 participants contributing to the plan. Implementation of ING's services will begin in late October.
"ING was chosen after a year long RFP process, which included participant open houses and surveys, site visits and an extensive analysis of what various providers had to offer," said Timothy Atkinson, chair of the City of Austin Deferred Compensation Plan Committee. "In the end, our committee determined that ING's deep experience, breadth of products and services, and commitment to participant education and communication would meet the dynamic requirements of our plan and the diverse savings needs of our city's employees."
"ING is honored to be providing retirement services to the capital of Texas – one of the most desirable and culturally vibrant cities in the country," said Bill Jasien, head of government markets for ING U.S. Retirement Services. "ING has a long history of meeting the retirement plan needs of local and state government employers. We look forward to building our new relationship with Austin, and helping the thousands of public employees in this great city save for their future."
ING's U.S. Retirement Services is part of ING's global insurance operations. The business holds top rankings in the defined contribution industry and has more than $277 billion in combined assets under administration and management. It is one of the few providers with the ability to serve all sizes and segments of the defined contribution market, including corporate, government, healthcare, K-12 and higher education employers.
In the government market, ING services plans for more than 4,100 state and local entities.
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, direct banking, 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.com/US.
SOURCE ING Americas