The program is a 457 deferred compensation plan which offers a variety of fixed and variable investment options. Under terms of the agreement, ING will provide full recordkeeping and administration support for the program, as well as its participant communication, on-site education, and investment advisory services, according to the announcement.
In addition, a suite of multicultural services will be offered, including multilingual financial literacy, education, and enrollment support.
The city currently has approximately $235 million in assets and 10,500 participants contributing to the plan. Implementation of ING’s services will begin in late October.
“In the end, our committee determined that ING’s deep experience, breadth of products and services, and commitment to participant education and communication would meet the dynamic requirements of our plan and the diverse savings needs of our city’s employees,” said Timothy Atkinson, chair of the City of Austin Deferred Compensation Plan Committee, in the announcement.In the government market, ING services plans for more than 4,100 state and local entities.