Monday, October 27, 2008

ING (US subsidiary of Dutch insurer) offers retirement planning site for public and non-profit employees

ING Life Insurance and Annuity Company (a US subsidiary in Atlanta, of the Dutch insurer and bank ING Groep NV) has made a new service available to employers in deploying their retirement plans, whether contributory and matched or defined benefit (pensions). The service is called “Plan With Ease”, link here. The service is especially target-marketed for certain non-profits, local governments, school districts, colleges and universities, and some other 501C3’s, and emphasizes 403 and 457 plans. The site has both sponsor and participant logins. It also has a number of calculator tools for employees and retirees.

403(b) plans are tax-sheltered annuities operated by public schools and other tax-exempt employers (often for teachers). 457A(b) plans are operated by state and local governments for employees. Generally employees have to buy these plans through employers.

Yahoo! Business has the Press Release here “ING introduces New Service Helps 403(b) Plan Sponsors Meet IRS Requirements”. The site appears to cover other subjects however. I think it is likely to expand in content scope. The press release will probably appear on the ING US site very soon.

The ING subsidiary ReliaStar used to operate a somewhat similar site called “I Hate Financial Planning”, which aimed at the financial planning needs of the entire general public.

ING fell below 8.00 a share for a while this morning. Like all major financial companies in the US and Europe, its stock has been battered by investor fears in the wake of the credit and financial crisis. It has also accepted a cash infusion by the Netherlands government (infusions from European governments have become common in the past few weeks for banks insurers, in the wake of the American bailout.) My issues blog has a major story about it dated Oct. 19, here.

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