ING Prolongs Partnership With OPERS In Contribution Business

Ohio Public Employees Retirement System (OPERS) has extended its contract with ING for the administration of the system's member directed defined contribution plan and a hybrid defined benefit defined contribution plan called the combined plan. Both the combined and member

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Ohio Public Employees Retirement System (OPERS) has extended its contract with ING for the administration of the system’s member-directed defined contribution plan and a hybrid defined benefit/defined contribution plan called the combined plan.

Both the combined and member-directed defined contribution plans, introduced six years ago, provide an option for public employees in Ohio who want to manage their own investments.

A portion of employer contributions for the member-directed plan is credited to a retiree medical account, which may be used for the payment of qualified health care expenses after separation from service.

The plans have about $200 million in assets and 16,500 participants.

ING will continue to provide all recordkeeping for the defined contribution plans as well as communications and education program support.

“We have been very satisfied with the service we have received for these plans, as well as the personalized attention to our members who participate,” says Bill Damsel, assistant director – Defined Contribution, OPERS.

“We appreciate the confidence that OPERS has in ING, and we look forward to continuing to work closely with their members to help them achieve their retirement goals,” says Sandy McCarthy, president of Institutional Plan Services, ING.

L.D.

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