The U.S. retirement services arm of ING Groep N.V. is offering price incentives for retirement plans with less than $500,000 in assets that come in by the end of October.
ING also is improving overall pricing for plans with less than $1 million in assets, according to company executives in Windsor, Conn.
ING, Amsterdam, is aiming the incentives at independent, “third-party” plan administrators.
In addition to cutting prices, ING has introduced a TPA website that offers on-demand and automated reporting features and a new loan and distribution processing system. Another new feature, a new payroll administration tool, can connect with ING’s recordkeeping system, the company says.
ING also is strengthening plan sponsor fiduciary support options.