ING Reaches Over One Million 403(b) Retirement Investors with Planwithease.com®
ING’s U.S. Retirement Services business announced that it has surpassed a significant milestone, and is now reaching more than one million 403(b) retirement plan participants with its pioneering plan administration service, planwithease.com®.
ING developed planwithease.com prior to the new IRS 403(b) regulations taking effect in January 2009, and in anticipation of the greater responsibilities — and challenges — many tax-exempt plan sponsors would have under these regulatory changes.
The innovative system was designed to assist tax-exempt employers — public colleges, universities, public school districts and 501(c)(3) nonprofit organizations — with increased plan administration burdens arising out of the new 403(b) regulations. The goal is to help them remain compliant as they manage their new role as a primary point of contact for participants initiating retirement plan transactions.
Currently, more than 1,400 of ING’s 403(b) plan customers utilize planwithease.com, and many more are expected to leverage the value of this ground-breaking service.
“Planwithease.com underscores ING’s commitment to recognizing and meeting the critical needs of our customers,” said Brian Comer, president of Public Markets for ING U.S. Retirement Services. “Many tax-exempt 403(b) sponsors, such as public school districts, don’t have the time, resources or in-house expertise to manage the responsibilities and workload in this new regulatory environment. Moreover, 403(b) participants are often invested with multiple retirement plan providers, which can make an employer’s job that much more challenging.”
Planwithease.com enables various retirement plan vendors to input their respective data into the system. This data is then merged so that sponsors can generate reports and conduct a number of administrative tasks required by the IRS regulations, such as annual notifications to employees, contribution limit monitoring, and review and approval of participant withdrawal requests.
By functioning as a single source for plan information, participants can benefit as well. The service provides 24-hour access to account summary information for each of their selected vendors, and allows participants to initiate withdrawal requests, all in a secure environment. Planwithease.com can also provide employees with electronic salary-reduction agreements, and enable them to make contribution rate changes online. Additionally, the site offers retirement planning tools and calculators to help educate employees about whether they're on track to meet their personal retirement goals.
“Planwithease.com has proven to be a comprehensive and successful service for our customers on many levels, offering 403(b) sponsors some much-needed peace of mind in their expanded role,” added Comer.
ING has been in the retirement services industry for over 40 years, and is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.
The company is deeply committed to the 403(b) segment and especially the academic community, providing support and resources to approximately 7,800 K-12 school districts and more than 1,350 higher education plans across the country. ING has played a leading role in the industry, helping 403(b) clients make informed decisions about the fast-changing regulatory environment. For additional support, ING has a website devoted exclusively to plan sponsors seeking more information about the 403(b) regulations, at www.ing.com/us/403bregs.
ING Life Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774, a wholly owned, indirect subsidiary of ING Groep N.V., provides these administration services under the trade name planwithease.com®. Planwithease.com services may not be available in all states. These services are offered at no additional cost, provided ING is an active investment provider in your plan.
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 107,000 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.