ING U.S. Retirement Services wants to enter a new arena in the nonprofit educational institution retirement plan market.
ING U.S., Windsor, Conn., a unit of ING Groep N.V., Amsterdam, has notified the Internal Revenue Service that it intends to apply to become a Section 403(b) prototype plan sponsor.
ING U.S. will file a prototype plan opinion letter application as soon as the IRS begins accepting applications from retirement plan providers seeking favorable determinations on their prototype plan documents, the company says.
The new IRS 403(b) prototype plan program will allow eligible employers to adopt a pre-approved plan with the assurance that the form of the plan meets all 403(b) regulatory requirements, ING U.S. says.
The IRS recently announced the start of the program, and it should begin accepting applications after a public comment period, according to ING U.S.