Report of 401(k) Credit Card Release by ING Not True, Company Says

November 1, 2004 ( - Despite media reports that ING had released a credit card that would allow 401(k) participants to borrow from their retirement savings, the company is asserting that it is only looking into the option and has yet to make any decisions regarding its release.

The Washington Post reported Friday that ING was releasing the card, controversial to many, that would allow participants to borrow up to $10,000 from their 401(k) retirement funds without incurring a penalty if repaid (See  ING Releases Controversial 401(k) Credit Card ).

However, a company spokesperson Monday asserted that ING has not yet released any such card.

“We have not reached a definite conclusion with respect to the theory of how a credit-card like instrument may or may not enhance 401(k) participation,” spokesperson Caroline Campbell told “The company intends to take a measured pace and over time fully review the pros and cons of the existing theory and consider the appropriateness of such an instrument in the marketplace. ING has made no decision to introduce such a product enhancement to the marketplace at this time.”

Campbell was unsure of the source of the Post’s information. “We are aware of details reflected in some media coverage – however, the detail did not come from ING, and we are not aware of a specific source,” she asserted.