WINDSOR, Conn., April 25, 2011 /PRNewswire/ -- ING's U.S. Retirement Services operations announced today that it has been selected as the new, exclusive retirement plan service provider for the Mount Holyoke College Defined Contribution Retirement Plan, effective July 1, 2011.
Founded in 1837, Mount Holyoke is a prestigious all women's liberal arts college located in South Hadley, Mass. It serves more than 2,200 students from 48 states and 70 countries, and is recognized as one of the nation's best institutions for undergraduate education. One of the original "Seven Sisters" schools in the consortium of prominent East Coast liberal arts colleges for women, Mount Holyoke offers its students 48 major fields of study with an emphasis on academic excellence in a global learning environment.
Mount Holyoke College employs over 900 faculty and staff members. The savings program, which consists of a 403(b) and a 457 plan, has over $200 million in assets under management.
"Mount Holyoke College selected ING as the sole record keeper for our retirement plan after a comprehensive evaluation and review process. We are confident that ING will provide our employees with a very high level of quality service in support of their planning and saving for retirement," said Lauren Turner, Director of Human Resources from Mount Holyoke College. "We are pleased to welcome ING as our new retirement plan partner and especially welcome the ING staff who will be delivering services to members of the MHC community. Every member of the ING team with whom we've had the opportunity to work is impressive both in their technical expertise and in their attention to detail and quality of service."
"There is a point in the prudent benchmarking of primary record keepers where many features and benefits can become somewhat 'commoditized,' especially with higher education plans," noted Gregg Andonian of BayState Fiduciary Advisors, Inc., who led the vendor evaluation for the college. "In the end, it was ING's technology, open architecture, disclosure and ultimately its people — who represent the delivery of those promises — that made the difference in our recommendation."
Faculty and staff of the college will have access to ING's network of experienced, local financial professionals, who are available for face-to-face meetings with plan participants on a group or individual basis. Employees will also be able to leverage the wide range of ING planning tools and educational resources to help them determine if they're on track to reach their financial objectives in retirement.
"We consider it an honor to be able to serve the faculty and staff at Mount Holyoke College," said Brian Comer, president of Public Markets for ING U.S. Retirement Services. "This is an institution we know well by reputation as a leader in the higher education community, embracing change and growing over a long and storied history. We look forward to a successful partnership that continues to lead and serve that same community, focused always on meeting the retirement needs of its employees."
ING has been serving the unique needs of the academic community for over 40 years, and 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 20 million customers across the nation. For more information, visit www.ing.us.
SOURCE ING Insurance U.S.