ING Group NV's U.S. retirement division is attempting to pursue small and midsize defined contribution business through the banking channel and with a convenience payroll strategy.
ING is in the process of establishing a network of important relationships with local and regional banks, credit unions and plan intermediaries who work with the banking industry.
In addition, ING is working with national and regional payroll companies to create a seamless payroll capability that simplifies plan administration for 401(k) practitioners and customers.
"We're very excited about the potential for growth in these two emerging channels," Bill Elmslie, head of national intermediary distribution and service for ING U.S. retirement services, said in a June 22 press release. "We believe this dual approach will help deepen our relationships with distributors and plan sponsors while expanding ING's leadership in the small- and mid-corporate market."
ING's pursuit of the banking channel and payroll technology is being spearheaded by Jim Bailey, a new member of its distribution organization, who is head of banking relationships. Bailey reports to Ginger Brennan, head of national distribution management for small- and mid-corporate markets within ING's intermediary distribution and service organization.
Bailey was previously head of business development in the trust and commercial lending departments at Community Bank and Trust in Wisconsin. Before that, he spent 18 years in the banking industry with an emphasis on retirement plan development.
