ING’s U.S. Retirement Services operation, based in Windsor, has been hired to run the retirement-savings program the city of Austin, Texas, provides its municipal employees, officials said.
ING was chosen from among bidders to be third-party administrator, starting in late October, for the city’s voluntary supplemental retirement savings program, which has about $235 million in assets. Terms were not disclosed.
The program is a 457 deferred compensation plan which offers a variety of fixed and variable investment options that city employees can use to set aside pre-tax income for their retirement.
Under terms of the agreement, ING will handle the program’s recordkeeping and administrative support, said Bill Jasien, head of government markets for ING U.S. Retirement Services.
It also will conduct bi-lingual and multicultural communication with the plan’s 10,500 participants to teach them the benefits of their savings program and to provide them with investment advisory services.
Timothy Atkinson, who chaired Austin’s year-long search committee, said ING’s edge was its willingness and experience to teach participants and consideration for members’ multicultural backgrounds.
ING U.S. Retirement Services, part of Dutch insurer ING Group NV, has more than $277 billion in assets under administration and management.
