ING Financial Services Inc., a Windsor, Conn., unit of ING Group NV, launched an online plan administration platform for sponsors of 403(b) retirement plans.
The platform, planwithease.com, is designed to help plan sponsors with tax regulations that will take effect Jan. 1, the unit said Monday.
"The changing regulatory environment will present an administrative challenge to many public colleges, universities, public school districts, and 501(c)(3) nonprofit employers, which for the first time, will be required to assume a higher level of involvement in their employees' retirement plans," ING Financial Services said.
Sponsors can use planwithease.com to handle a number of administrative tasks required by the Internal Revenue Service regulations, including sending annual employee notifications, monitoring contribution limits, and initiating, reviewing, and approving withdrawal requests, in a secure environment, according to the ING unit.
The online platform provides 24-hour access to account summary information for all of a sponsor's selected vendors, ING Financial Services said.
In addition, the platform can provide employees with electronic salary reduction agreements, and it allows them to make contribution rate changes online, the unit said. Its retirement planning tools and calculators can help educate employees about whether they are on track to meet retirement goals.
ING Financial Services has provided 403(b) services to schools and their employees since 1967.