ING Chosen to Provide Retirement Plan Services for QinetiQ North America

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Jul 06, 2010, 02:20 ET

WINDSOR, Conn., July 6 /PRNewswire-FirstCall/ -- ING's U.S. Retirement Services operations announced today that it has been chosen as the benefit services administrator for QinetiQ North America's employer-sponsored defined contribution retirement plan. These services will be provided by ING's institutional corporate market unit, which offers retirement plan administration and recordkeeping support for large corporate employers.

QinetiQ North America, headquartered in McLean, Va., is a leading international provider of technology-based services and solutions.

"When it comes to our company's retirement plan, we have very specific and very demanding requirements to ensure that employees receive the highest level of service," said Thomas Bailey, senior vice president of Human Resources for QinetiQ North America. "We specifically selected ING because of their reputation, client-focused solutions and breadth of experience serving large firms like ours. We're confident in ING's commitment to meeting our needs as a sponsor and helping our employees plan for their retirement."

Under terms of the agreement, ING will provide full recordkeeping services for the QinetiQ North America defined contribution plan. As part of its approach to supporting individuals throughout their working lives and beyond, ING will also provide its suite of Taking Control® transition counseling and retirement readiness services, along with industry-leading participant communication and education programs designed to drive positive retirement outcomes.

In addition, QinetiQ North America has chosen to offer a selection of target-date funds from the ING Solution Portfolios as an investment option within the plan, which are sold directly by ING Investment Management, as well as externally managed asset-allocation-model portfolios.

"We're thrilled that QinetiQ North America has selected ING as its retirement plan provider. ING is committed to understanding the diverse needs of plan sponsors, and offering the right services and support to make sure we meet those needs," said Richard Mason, president of Corporate Markets for ING U.S. Retirement Services. "We appreciate the confidence QinetiQ North America has placed in us, and look forward to helping its many employees prepare for their retirement years."

ING's U.S. Retirement Services is part of ING's global insurance operations. The business holds top rankings in the defined contribution industry and has more than $277 billion in combined assets under administration and management. It is one of the few providers with a scaled leadership presence and the ability to serve all sizes and segments of the defined contribution market, including corporate, government, healthcare, K-12 and higher education.

About ING

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation. For more information, visit www.ing.com/US.

SOURCE ING Americas