ING has said that its US retirement services operations is chosen as the benefit services administrator for QinetiQ North America's employer-sponsored defined contribution retirement plan.
According to ING, the benefit services to QinetiQ will be provided by its institutional corporate market unit, which offers retirement plan administration and recordkeeping support for large corporate employers.
Under terms of the agreement, ING will provide full recordkeeping services for QinetiQ defined contribution plan. It will also provide its suite of Taking Control transition counseling and retirement readiness services, along with participant communication and education programs designed to drive positive retirement outcomes.
In addition, QinetiQ North America has chosen to offer a selection of target-date funds from ING solution portfolios as an investment option within the plan, which are sold directly by ING Investment Management, and also externally managed asset-allocation-model portfolios.
Thomas Bailey, senior vice president of human resources at QinetiQ North America, said: “When it comes to our company’s retirement plan, we have very specific and very demanding requirements to ensure that employees receive the highest level of service. We specifically selected ING because of their reputation, client-focused solutions and breadth of experience serving large firms like ours.”