Wednesday, December 24, 2008

ING takes on major contract administering Minnesota retirement plans

Many international financial institutions have taken huge losses in capital and stock prices and had to get capital infusions from governments. But some are getting back to more like business as usual.

The Dutch financial giant ING, which accepted an investment from the Dutch government in October and posted its first ever quarterly loss, has been selected by the State of Minnesota to manage its 457 deferred compensation plans, mainly to provide retirement income and health care for state employees. ING will also administer the State Health Care Savings Plan, the Unclassified Employees Retirement Plan and the Hennepin County Supplemental Retirement Plan. The specific division is the ING Institutional Plan Services Group, of ING-USA. The press release was made on Nov. 25, 2008, link here.

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