According to an ING announcement, under terms of the agreement, ING will provide full recordkeeping services for the program, as well as participant communication and marketing services.
The program offers two voluntary defined contribution retirement savings options — a 457 and 401(k) deferred compensation plan. The program also has an after-tax Roth 401(k) option as well as both a traditional and Roth Deemed IRA feature.
As of December 31, 2009, the Authority had in excess of $1.6 billion in assets and over 75,000 participants enrolled through more than 850 employers.
“Throughout the entire selection process, we have been continually impressed with ING’s recordkeeping system, communications and pricing for our unique program needs,” said Robert Brown, the Authority’s executive director, in the announcement.More information about ING is at http://www.ing.com/US.