Life Insurance Quotes

ING changes fiduciary offerings to help accommodate clients needs

06/10/11

As customer demand has grown, ING is deciding to expand its fiduciary services offerings
to help defined contribution plan sponsors navigate their responsibilities. Individuals will now be able to delegate authority of the selection and replacement of the plan's investments to an advisory firm.

This firm, Morningstar Associates will then be able to manage the investment process of the plan, choosing annuities, stocks and other investment avenues, while working within the parameters of the Employee Retirement Income Security Act. Morningstar will help alleviate the important fiduciary duties of plan selection and ongoing oversight from the sponsor.

Under the ERISA minimum standards were set for most voluntary established pension and health plans in private industry in order to protect the people in these plans, according to the U.S Department of Labor.

"We're pleased to be making this new service available, which is a natural extension of best-in-class fiduciary support. It meets the needs of those employers who seek even greater help and prefer to delegate the administration of a plan's investment lineup to an outside manager," noted Ralph Ferraro, head of Small and Mid Corporate Markets for ING U.S. Retirement Services.  

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