Deals & People March 31, 2011

Howard University Selects ING as a 403(b) Provider

ING’s U.S. Retirement Services announced that it has been selected as the service provider for the Howard University & Howard University Hospital Savings Plan.
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Howard University and Howard University Hospital employ approximately 6,700 individuals. The savings program, which consists of a 403(b) and a 457 plan, has over $750 million in assets under management.   

Educators and staff at the university will have access to ING’s local representatives, who are available for in-person meetings on a group or individual basis.  Employees will also be able to leverage ING’s financial literacy and planning resources to help them determine if they’re on track to reach their financial objectives in retirement.    

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“We are pleased to welcome ING as a new provider in our 403(b) and 457 savings program.  Beyond excellent local representatives and a breadth of tools and services, we selected ING for its culturally relevant approach to financial education, strong commitment to the HBCU community and consistent track record of supporting issues that impact urban communities,” said Jimmy Jones from the Howard University Office of Talent Management.

ING serves education employers and customers in all 50 states, with offices and representatives in the local communities where it does business.  ING is also a provider for 15 government-sponsored retirement plans offered to state university systems.
Products March 31, 2011

TIAA-CREF Adds Fiduciary Services Option

Through a relationship with Ibbotson Associates, TIAA-CREF will offer plan sponsors an additional option for independent, third-party fiduciary services.
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The offering builds upon TIAA-CREF’s existing investment-related fiduciary services, which include education and support for meeting fiduciary responsibilities around investment menu selection, plus continuous monitoring, either on their own or in collaboration with a third-party adviser. As part of the new service, Ibbotson has created three model investment menus for plan sponsors to choose from, as well as an approved list of investments for those who want to create their own menus.   

The service also includes:  

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  • Online access to investment information and reporting
  • Quarterly conference calls providing an overview of current economic and market information
  • Quarterly watch list providing insight on investment options that may require attention

Plan sponsors who choose this service will receive a signed advisory services agreement from Ibbotson acknowledging its fiduciary responsibility as it relates to the services provided.  

“We want to help plan sponsors implement a prudent process that maximizes retirement outcomes for their participants. In addition to working with independent advisers, this new service allows us to provide yet another option for clients to manage their fiduciary obligations,” said Tim Walsh, Managing Director of Investment Services.

More information is at http://www.tiaa-cref.org.

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