ING Releases Plan Documents to Help Public Schools Meet New IRS Retirement Plan Laws
ING announced today that it is making available 403(b) plan documents that public schools can adopt to meet the new IRS 403(b) requirements by January 1, 2009.
In July 2007, the IRS issued final regulations concerning 403(b) tax-deferred annuity retirement programs sponsored by public schools. Included in those new rules was a requirement that all 403(b) programs need to have a written plan in place no later than January 1, 2009. To assist public schools, the IRS released model plan provisions in November 2007. This IRS requirement is the first time that federal law would make a public school adopt a written plan for its 403(b) program.
While the IRS model plan is helpful, ING will make available a 403(b) plan document that goes a step further in easing public schools’ transition to these new IRS rules. “‘One size fits all’ does not work for clothing and it does not work for retirement plans either,” says Linda Segal Blinn, ING’s Vice President of Technical Services. “One public school may give their employees the chance to make Roth after-tax contributions, while others may make employer contributions to their employees’ retirement accounts. The ING 403(b) Plan has the flexibility to let public schools tailor their plan document to meet their needs.”
Once a school adopts the ING 403(b) Plan, ING is committed to keeping its customers informed about updates and enhancements to the plan document. A sponsor that notifies ING that it has adopted the ING Plan language will automatically be sent any updates to that plan necessitated by statutory or regulatory changes.
This is the latest step that ING has taken to help public schools take the stress out of complying with the new IRS 403(b) regulations. Last summer, ING was the first 403(b) vendor to reach out to public schools with a toolkit to help them meet the new IRS information sharing requirements that went into effect on September 25, 2007.
“ING is a firm believer in not just 'talking the talk.' We actually 'walk the walk.'" says Blinn. In addition to offering ING’s dedicated expertise in 403(b) rules to public schools, we are a committed partner in key education associations, including the Association of School Business Officials International (ASBO), the American Association of School Administrators (AASA), and College and University Professional Association for Human Resources (CUPA-HR). In addition, ING is the sponsor of the National Teacher of the Year and the Unsung Heroes programs.
ING has been a 403(b) service provider to schools and their employees since 1967 and has a significant commitment to education, including grants programs and support of financial literacy in our nation's schools. With nearly 1 million individuals participating in our 403(b) investment vehicles, ING understands the demands placed upon public schools and 501(c)(3) hospitals and not-for-profit organizations, and the everyday challenges they must meet with limited resources.
Public schools can obtain the ING 403(b) plan document and other tools to help make complying with the regulations easier by visiting www.ing.com/us/403bregs, ING’s dedicated 403(b) regulations solutions website, or by contacting their local representative.
Deborah Pont, ING US Wealth Management, 860-580-2678, or firstname.lastname@example.org
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 120,000 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 offer 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 14 million customers across the nation. For more information, visit www.ing.com.