ING Institutional Plan Services Chosen to Provide 401(k) Services for BNY Mellon
The Bank of New York Mellon, the global leader in securities servicing with more than $20 trillion in assets under administration, has chosen ING Institutional Plan Services (ING) to be the benefit services administrator for its defined contribution plan.
“ING has the flexibility and service solutions to meet the retirement savings goals of our many participants,” said Robert Perego, senior vice president and director of employee benefits for BNY Mellon. “We feel quite confident about our selection of ING, as this agreement builds on a very good relationship between our two organizations.”
ING will combine two 401(k) plans that had served employees of Mellon Financial and Bank of New York at the time the two financial firms merged in July 2007. ING will also serve as the administrator of an employee stock-ownership program. The combined plans have about $3 billion in assets and 52,000 participants. In addition, ING will provide full recordkeeping, as well as communications and education for the defined contribution plans.
“ING is honored to have been selected as the retirement services provider for one of the most highly regarded financial services firms in the world. We very much look forward to our partnership with Bank of New York Mellon and helping plan participants set and attain their retirement objectives,” said Sandy McCarthy, president of ING Institutional Plan Services.
The Bank of New York Mellon, which has $928 billion in assets under management and services more than $11 trillion in outstanding debt, operates in 34 countries serving more than 100 markets.
ING’s U.S. Retirement Services business has a leadership position in a wide range of businesses, including defined contribution retirement plans, defined benefit pension plans, retirement income solutions, managed accounts, retirement plan rollovers, stable value programs, as well as a health and welfare operation. It ranks as the largest defined contribution business in the U.S. based on number of plans, the second largest based on number of plan participants, and the third largest based on combined assets under management and administration, with more than U.S.$300 billion.1
Joe Loparco, ING Americas, 860-580-2677, 860-462-6525, or email@example.com
Ron Gruendi, The Bank of New York Mellon, Corporate Communications, 1-412-234-7157, 1-412-266-8234, or firstname.lastname@example.org
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million residential, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 130,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
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, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 29 million customers across the nation. For more information, visit www.ing.com.
Plan administrative services provided by ING Institutional Plan Services, LLC.
1. 2008 PLAN SPONSOR recordkeepers survey data