ING Group NV, a global financial services company based in Amsterdam, announced Tuesday that it had enhanced its plan review function for defined contribution plan sponsors.
The plan review will supply benchmarks to sponsors so they can measure plan statistics against industry averages, the company said, as well as against their own goals for plan participation, contribution rates, and asset allocation. The review will also help sponsors construct action plans for the coming year.
For example, if the participation rate for employees 30 and younger is less than the industry average, the plan sponsor could send out a report titled "The Cost of Waiting" to employees in that age group to encourage participation. And if the sponsor decides to add the Roth option to its plan, calculators, tools, and educational materials can be supplied by ING to help the employer educate workers.
