The system was designed to assist tax-exempt employers with increased plan administration burdens arising out of the new 403(b) regulations. It enables various retirement plan vendors to input their respective data into the system, then merges the data so sponsors can generate reports and conduct a number of administrative tasks required by the IRS regulations, such as annual notifications to employees, contribution limit monitoring, and review and approval of participant withdrawal requests, according to a press release.
The service also provides participants with 24-hour access to account summary information for each of their selected vendors, and allows them to initiate withdrawal requests, all in a secure environment. It can also provide employees with electronic salary-reduction agreements, and enable them to make contribution rate changes online.
In addition, the site offers retirement planning tools and calculators to help educate employees about whether they’re on track to meet their personal retirement goals.
Currently, more than 1,400 of ING’s 403(b) plan customers utilize planwithease.com, the announcement said.For additional support, ING has a Web site devoted exclusively to plan sponsors seeking more information about the 403(b) regulations, at http://www.ing.com/us/403bregs.