NU Online News Service, June 3, 11:53 p.m. – ING Americas, Atlanta, a unit of the ING Groep N.V., Amsterdam, has won a contract to be one of five investment providers for the new Florida Retirement System Investment Plan.
The Florida Retirement System is a defined-benefit pension program that serves 600,000 workers and manages $90 billion in assets. It is believed to be the fourth largest pension plan in the United States and the eighth largest in the world, ING says.
The new investment plan program will give Florida workers a chance to choose between leaving their plan assets with the defined-benefit plan administrators, or shifting assets into new, portable, employee-directed investment accounts.
The ING options offered will include an international growth fund, a large-cap value fund, a high-yield bond fund, an “index plus large cap” fund, and a “stablizer fund.”