“In addition to reviewing the plan features, the responsibilities of the fiduciary and possible regulatory changes that may affect their plan, the new plan review will provide benchmarks to the plan sponsor so they can see how their plan statistics measure up against the industry averages, and their own goals for plan level participation, contribution rates and asset allocation, ” said Lou Bachetti, senior vice president and head of sales, ING Defined Contribution, in a release.
Bachetti added that the Dutch bank will help urge employees to participate in the plan by offering educational tools such as calculations for new options – a Roth option, for example.
The enhanced plan review, which generally happens on an annual basis, covers:
- The roles and responsibilities of the fiduciary;
- Plan features, including matching contribution, vesting schedules, loan provisions and other considerations that impact participation and contribution rates.
- Industry benchmarks;
- Regulatory and legislative updates;
- An investment review that includes ING’s Fund Evaluation Scorecard;
- Spotlight on key topics relevant to the sponsor’s plan; and
- An action plan
For more information about the plan review contact Caroline Campbell .