An ING news release said the no-cost program, Taking Control, is designed to help employees approaching retirement, leaving their jobs, or impacted by a corporate action, such as the termination of a benefit plan, or the sale of a business.
ING’s Taking Control program is a menu of three distinct services for sponsors or employees depending on their specific situations or needs:
- A dedicated team of registered, phone-based financial professionals can provide employees with objective education, personalized guidance and counseling on the benefits and risks associated with all of their transition options. This includes staying within their plan, rolling assets into another plan or an IRA, taking cash distributions or exploring other income and withdrawal choices.
- Upon request, employees who are planning for or entering retirement can take advantage of ING’s Retirement Readiness services. ING’s focus is on participants who are 50 years or older, as well as those within five years of retirement.
- ING’s Benefits Solutions services are designed for employers undergoing corporate actions such as large workforce reductions, the closing or sale of a business, retirement plan terminations and other complex transitions. ING partners with a plan sponsor’s human resources department and, when appropriate, outside vendors to create a flexible and customized solution.
ING developed the new offering after conducting extensive research and surveying more than 1,000 employers to find out what resources were most important for retirement plan participants in transition.
“In today’s environment, addressing the needs of transitioning workers has become an enormous responsibility for employers and their human resources departments. Employees leaving a job often have questions about their retirement accounts, their benefits and other financial matters,” said Randy Ciccati, president of ING Financial Solutions Group, in the news release.”
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