WINDSOR, Conn. Jan. 20, 2011
The innovative system was designed to assist tax-exempt employers — public colleges, universities, public school districts and 501(c)(3) nonprofit organizations — with increased plan administration burdens arising out of the new 403(b) regulations. The goal is to help them remain compliant as they manage their new role as a primary point of contact for participants initiating retirement plan transactions.
Currently, more than 1,400 of ING’s 403(b) plan customers utilize planwithease.com, and many more are expected to leverage the value of this ground-breaking service.
Planwithease.com enables various retirement plan vendors to input their respective data into the system. This data is then merged so that sponsors can generate reports and conduct a number of administrative tasks required by the IRS regulations, such as annual notifications to employees, contribution limit monitoring, and review and approval of participant withdrawal requests.
By functioning as a single source for plan information, participants can benefit as well. The service provides 24-hour access to account summary information for each of their selected vendors, and allows participants to initiate withdrawal requests, all in a secure environment. Planwithease.com can also provide employees with electronic salary-reduction agreements, and enable them to make contribution rate changes online. Additionally, the site offers retirement planning tools and calculators to help educate employees about whether they’re on track to meet their personal retirement goals.
"Planwithease.com has proven to be a comprehensive and successful service for our customers on many levels, offering 403(b) sponsors some much-needed peace of mind in their expanded role," added Comer.
ING has been in the retirement services industry for over 40 years, and is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.
One Orange Way Windsor, CT
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.