Mount Holyoke College employs over 900 faculty and staff members. The savings program, which consists of a 403(b) and a 457 plan, has over $200 million in assets under management.
According to an ING press release, faculty and staff of the college will have access to ING’s network of local financial professionals, who are available for face-to-face meetings with plan participants on a group or individual basis. Employees will also be able to leverage ING’s planning tools and educational resources to help them determine if they’re on track to reach their financial objectives in retirement.“There is a point in the prudent benchmarking of primary record keepers where many features and benefits can become somewhat ‘commoditized,’ especially with higher education plans,” said Gregg Andonian of BayState Fiduciary Advisors, Inc., who led the vendor evaluation for the college, in the announcement. “In the end, it was ING’s technology, open architecture, disclosure and ultimately its people — who represent the delivery of those promises — that made the difference in our recommendation.”