ING Offers Expanded Fiduciary Services

Through its relationship with Morningstar Associates, ING will be rolling out Portfolio Blueprint 3(38) to its retirement plan customers.  The service allows employers to delegate fiduciary authority for the selection, ongoing monitoring and replacement of the plan’s investments to Morningstar Associates, a qualified “investment manager,” as defined by section 3(38) of ERISA.   

According to the announcement, with the Portfolio Blueprint 3(38) service, Morningstar Associates acknowledges its role as a fiduciary, as set forth in ERISA section 3(38) with respect to the selection, monitoring and replacement of plan investment options from those available through ING’s platform. The service will be available to small and mid-sized companies that sponsor 401(k) retirement plans, and it represents one of the fiduciary service programs that customers can select from ING’s Portfolio Blueprint offerings.  

“There’s a spotlight right now on retirement plan investment offerings and the obligations and responsibilities of those who select and advise on them,” said Brock Johnson, president of retirement solutions for Morningstar’s Investment Management division, in the announcement. “This service will continue to offer sponsors a diverse menu of high-quality investment options while giving them the confidence that comes with the fiduciary coverage from Morningstar Associates as an appointed investment manager to the plan.”