ING's US retirement services operations has been selected by the Kentucky Public Employees' Deferred Compensation Authority to serve as third party administrator for the Commonwealth's supplemental retirement savings program.
The company said that the program offers two voluntary defined contribution retirement savings options, 457 and 401(k) deferred compensation plan, that public employees can use to set aside pre-tax income for their retirement. The program also has an after-tax Roth 401(k) option and also both a traditional and Roth Deemed IRA feature.
Under terms of the agreement, ING will provide full recordkeeping services for the program, and its participant communication and marketing services.
Bill Jasien, head of government markets at ING US Retirement Services, said: “We appreciate the confidence the Commonwealth has placed in ING. This decision underscores ING’s commitment to knowing our customers and working closely to ensure we meet their needs.
“The government market is an extremely important part of our business, and we look forward to helping the thousands of public employees in Kentucky save for their retirement years.”
ING’s US Retirement Services is part of ING’s global insurance operations. It provides an ability to serve all sizes and segments of the defined contribution market, including corporate, government, healthcare, K-12 and higher education.