State of Florida Partners With ING for Its Landmark Florida Retirement System (FRS) Investment Plan
PRNewswire-FirstCall
ATLANTA
Jun 3, 2002
ING's U.S. financial services operations announced today that it has signed a contract with the State Board of Administrators of Florida as one of five new providers to the State of Florida's landmark Florida Retirement System (FRS) Investment Plan. Florida's cutting-edge plan represents a new era in retirement plan choice for Florida employees eligible to participate.
The FRS Investment Plan is open to all members of the Florida Retirement System, which covers State and Local employees as well as educators throughout Florida. Currently, more than 600,000 employees participate in the Florida defined benefit plan. The planned enhancements are designed to benefit current participants, as well as to give new employees two plans to choose from. With nearly $90 billion in assets, Florida's pension plan is the fourth largest in the country and eighth largest in the world.
"As government employees seek to take a more active role in managing their retirement resources, the Florida plan will set an important precedent for other government entities around the country considering similar actions," said Thomas J. McInerney, chief executive officer, ING's U.S. financial services operations. "We commend the State of Florida for their vision and keen interest in helping their employees sufficiently prepare for their retirement years."
As part of this new offering, employees eligible for the FRS Investment Plan can choose between leaving their assets in Florida's defined benefit (pension) plan or moving to the more portable investment plan. With the FRS Investment Plan, employees gain control of how and where their money is invested within the plan's investment options. In addition to providing investment options, ING will also work closely with the state of Florida to complement the education, recordkeeping, and investment services lineup already in place.
"We are very excited about our partnership with the FRS," said Gregg Holgate, ING's Regional Manager in Florida. "ING understands that its job is to complement, without complicating, the choice participants have for retirement planning. Therefore, our goal is to deliver attractive investment options coupled with quality education. We look forward to engaging the vast resources of ING with the State and achieving great success for this plan and its participants."
Within the FRS Investment Plan, ING will offer investment options, including the ING Stablizer Fund, ING Index Plus Large Cap, ING International Growth, Lord Abbett Affiliated (large value), and Lord Abbett Bond Debenture (high yield). In addition to the five funds, ING will offer an optional education component to help employees plan for retirement.
ING's U.S. financial services operations (http://www.ing-usa.com/ ) offer a comprehensive array of products and services, including life insurance; fixed and variable annuities; retirement programs; employee benefits; and mutual funds, through a variety of distribution channels. ING U.S. Financial Services is part of Amsterdam-based ING Groep N.V., one of the largest integrated financial services organizations in the world.
SOURCE: ING Americas
CONTACT: Dana E. Ripley of ING Americas, +1-770-980-3317, or cellular,
+1-404-202-6679, or e-mail, dana.ripley@ing-fsi-na.com
Web site: http://www.ing-usa.com/