ING Launches Fixed Annuity With 'Re-Up' Feature for Retirement Plan Participants

ING (NYSE: ING), a global financial services leader, is now offering ING Renuity, an innovative fixed annuity that offers a guaranteed interest rate for a three- or five-year period with the ability to lock in higher rates if offered in the future. The product aims to provide individuals rolling over retirement plan funds a competitive fixed-income product with upside potential. The product, issued by ING Life Insurance and Annuity Company and distributed through ING Financial Advisers, Inc., is also available as a non-qualified contract.

After purchasing the product, should interest rates increase for new issues of ING Renuity, customers can make a one-time election to lock-in a higher rate without penalty through this new "re-up" feature. If credited rates go down, clients retain the same credited rate for the selected guarantee period. If rates stay level, the annuity performs as expected. And if rates go up, the annuity can be renewed at the higher rate!

"Customers often give up yield by saving in a shorter duration instrument just in case interest rates are to rise," said Sri Reddy, Vice President, Horizons Distribution and Product Management, ING U.S. Financial Services. "The ING Renuity fixed annuity addresses this through an innovative 're-up' feature, which allows customers to lock in a higher rate for a new term without penalties."

ING Renuity has a $50,000 minimum initial deposit, with additional deposits of $10,000 or more allowed during the first year of the contract. Customers can select from a three- or five-year guarantee period and lock-in a competitive interest rate for that period of time. They also can access their money through systematic withdrawal options, or through a 10 percent free withdrawal of the account value each contract year. Although surrender charges apply for the first five contract years, ING Renuity offers a return of premium provision prior to electing to re-up which ensures clients will, at a minimum, get back the money they placed in the contract. If a contract is re-upped, the customer will lock-in the new higher rate and begin a new five year surrender charge term. And for non-qualified assets, ING Renuity allows the customer to defer paying income taxes on the money they earn within the annuity until it is withdrawn.

"ING Renuity is ideal for pre-retirees and retirees who should have a portion of their assets in fixed products that offer the security of principal protection with the opportunity for growth," Reddy added.

About ING

ING Group (NYSE: ING) is a global financial institution of Dutch origin offering banking, insurance and asset management to more than 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of more than 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

In the U.S., the 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 more than 15 million customers across the nation. For more information, visit www.ing.com.

First Call Analyst:
FCMN Contact: chuck.eudy@us.ing.com

SOURCE: ING U.S. Financial Services

CONTACT: Dana Ripley of ING U.S. Financial Services, +1-770-980-4865,
dana.ripley@us.ing.com

Web site: http://www.ing.com/us
http://www.ing.com/