ING Group has expanded its fiduciary service offerings with the addition of new Portfolio Blueprint 3(38) program, to help defined contribution plan sponsors better navigate their responsibilities under the Employee Retirement Income Security Act (ERISA).
Through its partnership with Morningstar Associates, an investment advisory firm and plan sponsor consulting services provider, ING will be rolling out Portfolio Blueprint 3(38) to its retirement plan customers.
The insurer said the service will allow employers to delegate fiduciary authority for the selection, ongoing monitoring and replacement of the plan’s investments to Morningstar Associates.
Under the Portfolio Blueprint 3(38) service, Morningstar Associates has been appointed to manage the investment process for the plan, thus relieving the sponsor of this fiduciary duty and the service is available to small and mid-sized companies that sponsor 401(k) retirement plans.
Morningstar’s Investment Management division president of retirement solutions Brock Johnson said this service will continue to offer sponsors a diverse menu of high-quality investment options while giving them the confidence that comes with the fiduciary coverage from Morningstar Associates as an appointed investment manager to the plan.