ING US retirement business will continue to serve as the exclusive third-party administrator for the State of Connecticut Retirement Program, supporting public employees in the city towards building readiness and financial security required for retirement.
As part of the renewed agreement, the US subsidiary of ING will remain offering the state’s staff with access to industry-leading decision tools, as well as custom communication and financial education programs.
The employees can also gain the access of an enhanced investment listings comprising a selection of asset allocation portfolios that offer a customized strategy designed to meet specific investor profiles.
ING US Retirement tax-exempt markets president Jamie Ohl said the renewed agreement will enable the company to continue offering clients with the integrated capabilities and competitive value they want for the long-term.
The program includes a 457 deferred compensation plan and a 403(b) defined contribution plan, as well as a 401(a) alternate retirement plan.
Since 1974, the underwriter has been serving Connecticut and currently both the plans together have more than $3bn in assets under administration and nearly 55,000 participants.
Serving 13 million individual and institutional customers, the company is a retirement, investment and insurance business of Netherlands-based ING Groep.