ING's U.S. Retirement division devised a new asset allocation program to help 401(k) plan participants convert their savings to a guaranteed stream of income that will last through retirement.
The ING Lifetime Income Protection Program will initially be offered to customers in ING's corporate defined contribution plans. It provides participants with a series of target date asset allocation models that help build critical retirement savings followed by an income benefit for life, guaranteed by multiple leading insurers.
"There is a clear need for Americans to manage risk as they plan and save for their future. Not only must they build up a sufficient nest egg during their working years, they must also have a source of steady income at retirement that is well protected and lasts throughout their lifetime," said Rick Mason, president of Corporate Markets for ING U.S. Retirement. "ING is committed to advancing the retirement income conversation and we believe the industry has an important and collective duty to provide innovative and meaningful retirement solutions."
Recommended For You
The non-guaranteed component consists of multi-manager, target date collective investment trust funds. These funds offer the potential for broad diversification and seek to leverage the benefits of both active and passive investment strategies from several well-known fund companies. ING's asset manager, ING Investment Management, oversees these collective trusts. AllianceBernstein also serves as an investment manager.
The guaranteed component, which is triggered when a participant gets closer to retirement, is provided through multiple insurance contracts, each issued by one of three highly regarded insurance companies —ING Life Insurance and Annuity Company, AXA Equitable Life Insurance Company and Nationwide Financial. Investors benefit by having ING provide a single, consolidated program with the multiple insurance companies splitting the responsibility under the contracts. This diversifies risk and helps participants receive competitive payouts.
Other important benefits and features of the ING Lifetime Income Protection Program include:
- Contracts that offer the potential for income growth from market gains as well as income protection against market losses through a minimum guaranteed withdrawal benefit (MGWB). This feature provides participants with a stream of guaranteed retirement income for life.
- Flexibility for participants to withdraw their assets or transfer to other investment options at their convenience — giving them full control while in the program.
- A cost structure designed to benefit participants by allowing them to pay for the MGWB guarantee only when assets are allocated to the contracts available through the portfolio.
- A platform that adheres to the recommended recordkeeping standards established in support of plan sponsor portability by the Society of Professional Asset-Managers and Record Keepers (SPARK) Institute — a key retirement industry association and resource.
ING U.S. is a subsidiary of Dutch-based ING Groep N.V. In the U.S., the ING family of companies offers a comprehensive array of financial services to retail and institutional clients, including life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
