WINDSOR, Conn. , Dec. 19, 2013 /PRNewswire/ -- ING U.S. announced today that its Retirement Solutions business has been retained as the service provider for the State of Michigan 401(k) and 457 retirement plans.
ING U.S. has a long-standing relationship with Michigan, which began in 1997. The program consists of a 457 deferred compensation plan and a 401(k) defined contribution plan. There are over $5.5 billion in assets under administration and approximately 150,000 participants in the combined plans.
"ING U.S. has provided exemplary service for these plans," said Phil Stoddard, director, State of Michigan Office of Retirement Services. "Our relationship continues to flourish due in part to the strong business partnership we've built with the team."As part of its commitment to advancing the retirement readiness of working Americans, ING U.S. will continue to provide employees of the state with access to industry-leading decision tools, as well as award-winning, custom communication and financial education programs designed to engage and motivate employees to save. In addition, employees will have access to enhanced investment advisory services designed to address their asset accumulation, asset protection, and asset distribution needs. "We're honored that the state of Michigan has continued to place its trust in our business and our people," said Jamie Ohl, president of Tax-Exempt Markets for ING U.S. Retirement Solutions. "This is a testament to the strength of our nearly 20-year relationship and our vision to be American's Retirement Company. We look forward to continue supporting Michigan public employees as they work towards building their retirement readiness." As an industry leader and advocate for greater retirement readiness, ING U.S. is committed to delivering on our vision to be America's Retirement Company and the mission of making a secure financial future possible — one person, one family, one institution at a time.