ING Launches My Retirement Outlook - Unique Web Planning Tool that Integrates Defined Benefit Analysis
October 13 2009 - 11:00AM
PR Newswire (US)
Available on the groundbreaking ING Educator's Direct 403(b) site
for Delaware educators, and other ING customer sites WINDSOR,
Conn., Oct. 13 /PRNewswire-FirstCall/ -- ING's U.S. Retirement
Services operations announced today that it has introduced a
dynamic new web tool for customers - specifically education
professionals using the ING Educator's Direct 403(b) offering in
Delaware - to help them determine if they are on track to achieve
their financial objectives in retirement. The tool, My Retirement
Outlook, takes a unique approach to retirement planning by
providing both a retirement and a paycheck analysis function for
users. It also integrates three main retirement income streams into
the calculation: 1) traditional pension plan (defined benefit)
assets, 2) Social Security benefits, and 3) personal savings. "At
ING, we're always listening to the needs of our business partners
and customers in order to make planning for retirement easier, said
Dan Hanlon, senior vice president of public market sales for ING
U.S. Retirement Services. "Many educators tell us they don't fully
understand the interaction between various savings and income
sources, such as their 403(b) plans, Social Security and
traditional pension benefits. We developed My Retirement Outlook to
address these questions, and to provide a more holistic approach to
the planning process." Unique Features of My Retirement Outlook
Most calculators and web-tools today tell you how much you will
need at retirement, but very few tell you whether you can afford to
save that much on a per-paycheck basis. In addition, many do not
incorporate traditional pension benefits. While an increasing
number of corporate employers have eliminated defined benefit plans
today, these plans still exist and play a vital role -- especially
for the hundreds of thousands of ING plan participants employed by
public school districts across the country. My Retirement Outlook
bridges this gap by seamlessly integrating pension benefits along
with Social Security benefits and personal savings into the
equation. In the retirement portion of the tool, users can estimate
how much they need to save annually - and per paycheck - in order
to reach their financial objectives. In the paycheck portion they
can see how various savings amounts will impact their take-home pay
today. Enhancement to ING Educator's Direct 403(b) Program in
Delaware Educator's Direct is a variable annuity product issued by
ING Life Insurance and Annuity Company. It is designed to help make
retirement savings easier for education professionals by combining
simplicity, convenience and cost-competitiveness. The product was
first rolled out earlier this year to education employees at 39
institutions in the state of Delaware. School districts in other
states are expected to get access to Educator's Direct in the
coming months. The Educator's Direct 403(b) menu consists solely of
target-date funds. Employees choose a fund that aligns with their
expected retirement year and professional portfolio managers adjust
the asset allocation and investment mix over time to
"automatically" become more conservative as the target date
approaches. Education employees can access ING Educator's Direct at
any time that is convenient for them - education, enrollment, and
account management are done entirely online. If they have questions
while enrolling, help is just a phone call away. There are no
minimums to get started, and fees are set up to be competitive for
many educators, especially younger employees who are just starting
out. The new My Retirement Outlook tool will be featured as an
enhancement on the ING Educator's Direct website, which can be
accessed at http://www.ingeducatorsdirect.com/. "Since 1967 ING has
been proudly helping America's educators achieve their retirement
goals," added Hanlon. "My Retirement Outlook and Educator's Direct
are just two more examples of the dynamic ways we are committed to
this market." In addition to education employees in Delaware, My
Retirement Outlook is available to anyone free of charge under the
"Tools & Calculators" section of
http://www.ingretirementplans.com/, and it will also be featured on
a number of other ING customer web sites. There is no registration
required to use the calculator and no personal information is saved
once the web browser is closed. ING's U.S. Retirement Services
operations holds top rankings in the defined contribution industry
with more than 52,000 plan sponsors, approximately 7 million plan
participants, and over $235 billion in assets under administration
and management(1). ING serves all sizes and segments of the defined
contribution market, including corporate, government, K-12, higher
education and healthcare. In the education market, ING provides
retirement plans to approximately 7,800 K-12 school districts and
more than 750 higher education organizations across the country.
These plans serve nearly 660,000 education professionals and
represent over $19 billion in assets. 1. Pensions &
Investments, July 27, 2009. Press inquiries: Joe Loparco ING
Americas Office: 860.580.2677 Cell: 860.462.6525 About ING 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 110,000 people,
ING is dedicated to setting the standard in helping our clients
manage their financial future. In the U.S., the ING (NYSE:ING)
family of companies offers a comprehensive array of financial
services to retail and institutional clients, which includes life
insurance, retirement plans, mutual funds, managed accounts,
alternative investments, direct banking, institutional investment
management, annuities, employee benefits, financial planning, and
reinsurance. ING holds top-tier rankings in key U.S. markets and
serves approximately 30 million customers across the nation. For
more information, visit http://www.ing.com/US. Insurance products,
annuities and retirement plan funding issued by (third party
administrative services may also be provided by) ING Life Insurance
and Annuity Company. Securities are distributed by, and seminars
and financial planning services offered by ING Financial Advisers,
LLC (member SIPC), One Orange Way, Windsor, CT 06095. Securities
may also be distributed through other broker-dealers with which ING
Financial Advisers, LLC has selling agreements. You should consider
the investment objectives, risks, charges and expenses of the
variable product and its underlying fund options carefully before
investing. The prospectus containing this and other information can
be obtained on the ING Educator's Direct website
(http://www.ingeducatorsdirect.com/). Please read the information
carefully before investing. Important Information: Variable
annuities are long-term investments designed for retirement
purposes. If withdrawals are taken prior to age 59-1/2, an IRS 10%
premature distribution penalty tax may apply. Money taken from the
annuity will be taxed as ordinary income in the year the money is
distributed. Account values fluctuate with market conditions, and
when surrendered the principal may be worth more or less than its
original amount invested. An annuity does not provide any
additional tax deferral benefit, as tax deferral is provided by the
plan. Annuities may be subject to additional fees and expenses to
which other tax-qualified funding vehicles may not be subject.
However, an annuity does provide other features and benefits, such
as lifetime income payments and death benefits, which may be
valuable to you. For 403(b)(1) fixed or variable annuities,
employee deferrals (including earnings) may generally be
distributed only upon your: attainment of age 59-1/2, severance
from employment, death, disability, or hardship. Note: Hardship
withdrawals are limited to employee deferrals made after 12/31/88.
Exceptions to the distribution rules: No Internal Revenue Code
withdrawal restrictions apply to '88 cash value (employee deferrals
(including earnings) as of 12/31/88) and employer contributions
(including earnings). However, employer contributions made to an
annuity contract issued after December 31, 2008 may not be paid or
made available before a distributable event occurs. Such amounts
may be distributed to a participant or if applicable, the
beneficiary: upon the participant's severance from employment or
upon the occurrence of an event, such as after a fixed number of
years, the attainment of a stated age, or disability. For 403(b)(1)
fixed or variable annuities, employee deferrals (including
earnings) may generally be distributed only upon your attainment of
age 59-1/2, severance from employment, death, disability, or
hardship. Note: Hardship withdrawals are limited to employee
deferrals made after 12/31/88. Exceptions to the distribution
rules: No Internal Revenue Code withdrawal restrictions apply to
'88 cash value (employee deferrals (including earnings) as of
12/31/88) and employer contributions (including earnings). However,
employer contributions made to an annuity contract issued after
December 31, 2008 may not be paid or made available before a
distributable event occurs. Such amounts may be distributed to a
participant or if applicable, the beneficiary: upon the
participant's severance from employment or upon the occurrence of
an event, such as after a fixed number of years, the attainment of
a stated age, or disability. The Educator's Direct 403(b)
investment option menu consists solely of target-date funds. The
target date is the approximate date when the investor plans to
start withdrawing his/her money. Employees can choose a fund that
aligns with their expected retirement year. Professional portfolio
managers adjust the asset allocation and investment mix over time
to "automatically" become more conservative as the target date
approaches. The portfolios may merge with or change to other
portfolios over time. As with all investments, there is no
guarantee that any investment option will achieve its stated
objective. Principal value fluctuates and there is no guarantee of
value at any time, including the target date. When the target date
is achieved, the investor may have more or less than the original
amount invested. Investors should refer to the prospectus for more
information about the specific risks of investing in the various
assets classes included in the target-date funds. DATASOURCE: ING
Americas CONTACT: Joe Loparco of ING Americas, +1-860-580-2677, or
Cell: +1-860-462-6525, Web Site: http://www.ing.com/us
Copyright