ING Chosen as Single Recordkeeper for Newly-Consolidated Colorado PERA Retirement Plans
ING’s Retirement division announced today that it has been selected by the Colorado Public Employees' Retirement Association (PERA) Board of Trustees to serve as the exclusive recordkeeper for the PERA 401(k), 457, and DC (Defined Contribution) plans. These plans provide retirement benefits for state, local government and public school employees in Colorado.
This decision is part of Colorado PERA’s recent effort to improve and consolidate the plans under one recordkeeper, effective October 1, 2011. ING is currently the recordkeeper for the 401(k) and DC plans. With these changes, ING will also service the 457 plan. Both the 401(k) and 457 plans will be re-branded as the PERAPlus programs.
Current assets in the PERA 401(k) Plan are $1.9 billion, with 73,620 participants. Assets in the PERA 457 Plan are $473.5 million, with 18,182 participants. Assets in the PERA DC Plan are $53.2 million, with 3,503 participants.
“After an exhaustive search process, our Board of Trustees determined that ING offered the best solutions for the needs of our newly-aligned PERAPlus programs and PERA DC Plan,” said Meredith Williams, Colorado PERA’s Executive Director. “Through this consolidation, we expect to realize significant savings and efficiencies by building on the success of our existing relationship with ING. More importantly, we’re pleased to be offering significant plan enhancements to help PERA members achieve their retirement savings goals, including access to the custom, easy-to-understand and diversified PERAdvantage investment options, along with the opportunity to seek investment advice at no additional cost.”
Among the changes, all PERA participants will have access to investment professionals who can help manage their accounts, and the ability to invest in a wider universe of options by using a self-directed brokerage account. (Previously, these options were only available to participants of PERA’s 457 Plan.) Also included in the PERAdvantage investment line-up will be six primary investment vehicles based on asset classes, 10 target retirement date funds and a balanced fund that screens for various social causes.
“ING is thrilled to grow its relationship with Colorado PERA, and to help even more public employees in the state plan and save for a positive retirement,” said Brian Comer, president of Public Markets for ING U.S. Retirement Services. “We look forward to bringing the same level of energy and commitment to PERA’s new, consolidated program, and we’re confident the comprehensive package of services, resources and support we’ve developed, including our advice and managed accounts, will be a valued benefit for PERA plan members.”
Colorado PERA provides retirement and other benefits to 475,000 current and former employees of more than 400 government and public entities in the state of Colorado. Colorado PERA is the 21st largest public pension plan in the U.S. with assets of $41.1 billion.
ING has been meeting the retirement needs of working Americans for over 40 years, and provides plans, services and support to approximately half the states and 4,300 towns and municipalities across the country. The business holds top rankings in the industry with more than $300 billion in combined assets under administration and management. 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 U.S. is a subsidiary of Dutch-based ING Groep NV. 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.