Sept. 17, 2013
/PRNewswire/ -- ING U.S. Investment Management announced today the launch of R6 shares for nine of its affiliated mutual funds, including those most popular in its defined contribution investment only (DCIO) business. The new share class, which represents the lowest in the fund family in terms of cost for DCIO institutional funds, is designed for defined contribution and defined benefit retirement plans as well as other institutional clients, such as endowments and foundations. The shares allow plans additional flexibility in structuring their fees and expenses.
"This new share class responds to the needs of the marketplace and to our DCIO business," said
, vice president and head of DCIO products at ING U.S. Investment Management. "The shares support registered investment advisors who are seeking to best service their retirement plan clients as well as our institutional business broadly. R6 shares are lower cost and respond to the Department of Labor's 'service provider' fee disclosure requirements."
The new R6 shares are initially available for nine key funds, including the ING Small Cap Opportunities Fund, ING Mid-Cap Opportunities Fund, ING Large Cap Growth Fund, ING Large-Cap Value Fund and ING Intermediate Bond Fund. Additional funds may be added in the months ahead.
The R6 shares have no front-end sales charge, no 12b-1 fees and no third-party service fees. There are no minimums for investors in retirement plans. Certain non-retirement accounts will require a
Plans that are eligible for R6 shares include defined contribution plans such as 401(k)s, 403(b)s and 457s. The R6 shares will also be made available to existing ING "Fund of Funds" in order to realize cost savings for those shareholders. Plans that are not eligible include individual retirement accounts (IRAs), Simplified Employee Pensions (SEPs), Savings Incentive Match Plans for Employees (SIMPLEs) and individual 403(b) accounts.