ING US Retirement Services, a subsidiary of Dutch-based ING Groep, has rolled out new banking channel and 401(k) payroll strategy to reach small and mid-sized corporate retirement plans as well as to support the distributors that serve this market.
The banking channel involves building ING’s presence by establishing a network of key relationships with local and regional banks, credit unions and plan intermediaries who work within the banking industry.
The payroll strategy involves forging connections with national and regional payroll companies to create a payroll capability that simplifies plan administration for 401(k) practitioners and customers.
The initiative is being supported by a new member of ING’s distribution organization, Jim Bailey, who serves as head of banking relationships.
In this new role, Bailey will coordinate closely with ING’s new regional payroll and bank distribution teams to cultivate strategic relationships.
He and the teams report to Ginger Brennan, head of national distribution management for small and mid corporate markets within ING’s intermediary distribution and service organization.
Previously, Bailey spent 18 years in the banking industry with an emphasis on retirement plan development.
Brennan. "Through these payroll relationships and our seamless interface, we can help them save time and resources each pay period by eliminating a significant administrative burden."
In addition, ING is building relationships with many national and regional payroll companies this year to bring a fully integrated 401(k) payroll navigation interface to advisors, third-party administrators (TPAs) and their clients. The service offered by ING is called Pay with Ease, and the strategy for its development also falls under Brennan.
Pay with Ease will enable ING to link directly to a sponsor’s payroll provider and establish a ‘two-way’ process to share vital plan and payroll contribution information, such as enrollments, contribution rate changes, hardship suspensions, reinstatements and loan repayments.
ING’s Retirement business holds top rankings in the defined contribution industry with more than $300 billion in combined assets under management and administration. It is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.