ING awarded bid for Commonwealth of Massachusetts Deferred Compensation Plan
ING has been re-appointed record keeper for the Commonwealth of Massachusetts deferred compensation plan. The re-appointment was the culmination of a bid process that began in March. The plan has $2.8 billion in assets, approximately 90,000 full-time participants, and is subscribed to by over 250 Massachusetts cities and towns.
In addition to traditional record-keeping services, ING will provide on-site plan and investment education to Commonwealth of Massachusetts employees. Additionally, salaried financial advisers with industry credentials will provide advice to plan participants. ING will also continue to offer general education and pre-retirement seminars to commonwealth employees. Advice and seminars will be offered through ING’s Financial Horizons Advisory Program, a division of ING Financial Advisers, LLC. (member SIPC).
Rick Mason, vice president and general manager of INGs defined contribution business for its Northeast Region, said the commonwealth’s decision reaffirmed ING’s high level of service. "The decision showed that the commonwealth valued our service model, which combines high-tech with a high-touch approach. It also clearly demonstrates that the Commonwealth of Massachusetts believes, as we do, that financial advice and education are an integral part of assisting employees who are saving for retirement."
Commonwealth of Massachusetts Treasurer Timothy P. Cahill noted, "ING has worked hard over the last three years to ensure high quality, responsive services with a large number of representatives in the field. I am pleased their bid shows their commitment to the Commonwealth, increasing advice services to full-time participants without increasing the fee."
ING Financial Advisers, LLC (member SIPC) is an indirect , wholly-owned subsidiary of ING Groep N.V. ING Groep N.V. (NYSE: ING) is one of the largest integrated financial services companies in the world, providing insurance, banking, and asset management products. The company strives to provide an innovative, client-focused approach to its financial products and services through strategic global distribution channels. In the U.S., ING offers a comprehensive array of financial services to retail and institutional clients which include retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, life insurance, employee benefits, financial planning, and reinsurance. Currently, ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. Globally, ING serves over 65 million private, corporate, and institutional clients throughout 60 countries. For more information, visit www.ing.com
Questions? Call 1-800-584-6001
Commonwealth of Massachusetts contact: Karen Sharma - 617-367-6900