State of Kansas Announces Significant Changes To Its Deferred Compensation Plan
ING Retained as Plan Provider
PRNewswire
TOPEKA, Kan.
Nov 4, 2002
The State of Kansas today announced its decision to dramatically enhance its 457 Employees Deferred Compensation Plan effective in January 2003. The new plan features include expanded investment options and customized education services while reducing expenses. The Procurement Negotiating Committee for the State, with the assistance of its consultant, Segal Advisors, chose to retain ING Financial Advisers, LLC (ING) as the provider of administration/recordkeeping, education and enrollment services for a five-year term.
ING has administered the State of Kansas Deferred Compensation Plan since 1980. The State's 457 Plan is a voluntary plan open to all public employees in Kansas, including employees of cities, counties and political subdivisions that have adopted the State Plan. The State Plan currently has approximately $400 million in assets, which includes $100 million in assets of participating municipalities. According to the National Association of Government Defined Contribution Administrators, the Plan enjoys the highest participation rate in non-employer contributory state deferred compensation plans in the country.
ING's Kansas General Manager and Vice President Bernard P. Heffernon said the new plan provisions puts Kansas in the forefront of deferred compensation plans for public employees. "Kansas' deferred compensation plan not only provides a broad selection of investment and education choices for participants, but it also allows individuals to easily access account and investment information through state-of-the-art tools. It clearly is among the best plans in the country."
Plan enhancements include:
* A new menu of investment options and the addition of a self-directed
brokerage account.
* On-line investment advice through Morningstar ClearFuture.
* Customized participant education.
* Lower plan fees.
In addition, ING will continue to offer comprehensive local service, with offices in Topeka, Overland Park, Wichita and Hays.
ING's U.S. financial services operations [www.ing-usa.com] offer a comprehensive array of products and services, including retirement programs; employee benefits; life insurance; fixed and variable annuities; 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.
Contact: Philip Margolis
ING US Financial Services
860-723-4783
860-805-7642 - cell
margolisp@ing-afs.com
SOURCE: ING
CONTACT: Philip Margolis of ING US Financial Services, +1-860-723-4783,
or cell, +1-860-805-7642, or margolisp@ing-afs.com
Web site: http://www.ing-usa.com/