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Products October 27, 2008
ING Introduces Plan Administration Service for 403(b)s
October 27, 2008 (PLANSPONSOR.com) - ING has
unveiled planwithease.com, a plan administration service
specifically designed to help sponsors of 403(b) plans meet
the added responsibilities they face under new IRS
regulations.
Reported by Rebecca Moore
The company said planwithease.com helps plan sponsors manage their new role as the primary point of contact for participants initiating retirement plan transactions.
The service can assist sponsors with:
- Review and approval of participant requests for loans, hardship withdrawals, Qualified Domestic Relations Orders (QDROs) in accordance with IRS regulations, transfer of assets between plans or contract exchanges among investment providers under the 403(b) program, and any other withdrawal requests;
- Annual notification about the plan and how employees can contribute to the plan;
- Annual contribution limit monitoring;
- Notification of Required Minimum Distribution requirements; and
- Online employee education about the plan (including approved investment provider information), as well as information about the enrollment process, financial education, and calculators.
Participants will be able to use planwithease.com to:
- View account balance information (based on data provided by each approved investment provider),
- Complete Salary Reduction Agreements on-line,
- Manage salary reduction contribution changes for each investment provider, and
- Initiate withdrawal requests and receive the required approval of those requests.
According to ING, planwithease.com may also be able to provide services for a sponsor’s supplemental, side-by-side 457(b) plan.
More information about ING’s 403(b) services is at www.ing.com/us/403bregs .