ING Chosen to Manage Commonwealth of Kentucky's Retirement Savings Program
ING's U.S. Retirement Services operations announced today it has been chosen by the Kentucky Public Employees' Deferred Compensation Authority to serve as the third-party administrator for the Commonwealth's supplemental retirement savings program.
The program offers two voluntary defined contribution retirement savings options — a 457 and 401(k) deferred compensation plan — that public employees can use to set aside pre-tax income for their retirement. The program also has an after-tax Roth 401(k) option as well as both a traditional and Roth Deemed IRA feature. Under terms of the agreement, ING will provide full recordkeeping services for the program, as well as its industry-leading participant communication and marketing services.
As of December 31, 2009, the Authority had in excess of $1.6 billion in assets and over 75,000 participants enrolled through more than 850 employers.
"Throughout the entire selection process, we have been continually impressed with ING's recordkeeping system, communications and pricing for our unique program needs," said Robert Brown, the Authority's executive director. "We look forward to forging a productive relationship with ING and providing our participants with the best possible product at a highly competitive price."
"We appreciate the confidence the Commonwealth has placed in ING," said Bill Jasien, head of government markets for ING U.S. Retirement Services. "This decision underscores ING's commitment to knowing our customers and working closely to ensure we meet their needs. The government market is an extremely important part of our business, and we look forward to helping the thousands of public employees in Kentucky save for their retirement years."
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 $275 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.
In the government market, ING services plans for more than 4,100 state and local entities.
Joe Loparco, ING Americas, 580-580-2677 or email@example.com
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 110,000 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.