ING Offers Roth 401(k) and 403(b)
ING, a global financial services leader, today announced it is now offering the Roth 401(k) and Roth 403(b) to its clients. ING has also created two “education kits” for employers and employees to help explain the Roth option.
“The debate on the Roth option so far has centered around whether it’s beneficial for employers to offer the Roth to their employees and if employees should elect this option,” said Brian Haendiges, senior vice president, ING Defined Contribution. “The broader issue is improving retirement savings across the board. The Roth is one more option that employees can use to do that, and we want to make it easy for employers to add this feature if they choose.” He added, “This new option is also an opportunity to re-focus employees on all the reasons they should be participating in their employer-sponsored retirement plan, and to encourage saving more.”
The employer toolkit offers a balanced view of the various factors employers need to weigh to decide what’s best for their organization and its employees. The employee education kit is a multi-media kit comprised of a variety of action-oriented tools including an educational presentation and an online Roth calculator.
According to Haendiges, behavioral finance research shows that employees often feel overwhelmed with information. And too much information often leads to little action. ING’s goal is to make any communication on the Roth option easier to understand.
“In 2005, the savings rate among U.S. consumers dipped negative, to -0.5%, the lowest since the Depression,” said Haendiges. “We all have to do what we can to try to prevent the pending retirement funding crisis. The Roth is another way that employers can help their employees save for retirement. And encouraging that savings should be the goal of every employer and provider, and anyone else that can influence the decisions of the participant.”
Additional information, including the Roth online calculator, can be found at www.ingretirementplans.com.
Caroline Campbell, ING, 212-309-5931 or firstname.lastname@example.org
ING Group is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, which include 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 more than 15 million customers across the nation. For more information, visit www.ing.com.