DES MOINES ING/Principal Pensions Co., a Tokyo joint venture of Principal Financial Group and ING Group, announced Wednesday that it plans to introduce a 401(k) product.
The announcement came the week after Japan passed legislation that will permit defined contribution products to be sold there for the first time. ING and Principal started ING/Principal Pensions in early 2000 in anticipation of pension reform in Japan.
ING/Principal will focus on companies with 50 to 1,000 employees. Pension representatives will provide consulting services to these companies and offer defined contribution pension products to individuals.
Support services are to include record keeping and education programs.