ING Records Successful Year for Large Corporate Retirement Plan Business in 2011
ING’s U.S. Retirement division announced today that renewed large corporate defined contribution retirement plan business during 2011 accounted for $24.1 billion in assets under administration and more than 350,000 participants. The division also reported over 200,000 renewed defined benefit participant accounts. The large corporate market is one of several employer-sponsored retirement plan segments served by ING U.S. Retirement. Other segments include the small and mid-sized 401(k) market, as well as the tax-exempt 403(b) and 457 markets.
“It’s a privilege to be cultivating so many long-term relationships with our customers, especially in the large end of the corporate market,” said Rick Mason, president of Corporate Markets for ING U.S. Retirement. “This is not only a testament to our highly-regarded recordkeeping business, but it also underscores ING’s much broader value proposition to support plan sponsors with the right programs and services that help their employees save for retirement more effectively.”
ING works closely with its large corporate clients on strategies designed to increase plan enrollments, encourage greater contribution rates and provide participants with advice, guidance and planning resources. These include award-winning communication and education campaigns, industry-leading investment options — such as stable value and target date investment offerings — and in-plan advisory services and managed accounts to help employees improve their asset diversification and retirement planning.
As a sign of the value these offerings provide, participant assets covered by ING managed account programs in the large corporate market were 76% greater at the end of 2011 than the prior year. The demand for stable value funds in this segment was also very strong, as ING expanded relationships and grew stable value assets with large corporate employers by 25% during 2011.
“Last year was significant in terms of the large corporate clients that renewed their relationship with us,” said Wayne Finnegan, head of Institutional Corporate Markets for ING U.S. Retirement. “As one of the top retirement providers in the industry, we know the marketplace is extremely competitive and the ability to demonstrate differentiated, customer value is essential to keeping and growing our business. The successful retention of large plans reflects the confidence many sponsors have placed in ING and our ability to support their employees’ future goals.”
Examples of several large corporate employers that re-committed their business to ING during 2011 include Honeywell, Spirit AeroSystems, United Launch Alliance and Nestlé USA.
“ING's flexible, innovative solutions and commitment to providing superior recordkeeping service has led to high employee satisfaction and engagement within our plan,” said Shirley Zabiegala, Savings Plan Manager for Nestlé USA. “This dedication is at the heart of our successful nine-year partnership, and it has contributed to a plan participation rate of over 90% and industry recognition for award-winning communication and education programs that motivate our employees. In 2011, our company extended its relationship with ING for another three years, and we’re looking forward to continued success as they help our workforce save for retirement.”
ING, through its family of companies, has served the large end of the corporate retirement market for more than 40 years and has longstanding relationships with some of the most sizable and complex plans. Employers in this segment typically have longer histories with their retirement programs, as well as the scale and resources to drive innovation and set future trends for the industry. The insights and best practices ING gains from working with these flagship sponsors are then shared across broader client groups to positively impact the greatest number of participants.
ING is a leader in helping Americans reach their retirement objectives. ING holds top rankings in the industry and is one of the few providers with the unique breadth of capabilities to serve all types and sizes of customers, including individual retirement savers, financial professionals and consultants, and corporate, government, healthcare, non-profit and education employers.
ING U.S. constitutes the U.S.-based retirement, insurance and investment management operations of Dutch-based ING Groep N.V. 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 15 million customers across the nation. For more information, visit http://ing.us.