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Published in Business and Finance on Thursday, December 1st 2011 at 8:05 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
ING Extends Relationship as Service Provider for Nestle USA Savings Plans -- WINDSOR, Conn., Dec. 1, 2011 /PRNewswire/ --
ING Extends Relationship as Service Provider for Nestle USA Savings Plans
WINDSOR, Conn., Dec. 1, 2011 /PRNewswire/ -- ING's U.S. Retirement division announced today that it has been retained as the benefit services administrator for Nestle USA's employer-sponsored retirement savings program – the Nestle Smart$aving Program. These services are provided by ING's institutional corporate market business, which offers retirement plan administration, recordkeeping and participant communications and education support for large corporate employers.
Nestle USA is a subsidiary of Swiss-based Nestle S.A., a global leader in nutrition, health and wellness. The company provides consumers around the world with a wide range of food and beverage choices. ING's relationship with Nestle USA began in 2003 and has been extended pursuant to a four-year agreement. The Nestle Smart$aving Program consists of a 401(k) plan and a non-qualified plan with nearly $3 billion in assets under administration and approximately 37,600 participants.
"ING's flexible solutions and commitment to consistently providing meaningful services has led to high employee satisfaction and engagement with the plan," said Shirley Zabiegala, Savings Plan Manager for Nestle USA. "This commitment continues to be the foundation of our successful partnership, and has led to a participation rate of over 90% and industry recognition for award-winning communications focused on educating and motivating our employees. We are looking forward to continuing this relationship as we work together to help our workforce save for their retirement."
Under terms of the agreement, ING will continue to provide full recordkeeping services for the Nestle Smart$aving Program. As part of its approach to supporting individuals throughout their working lives and beyond, ING will also continue working with Nestle on developing industry-leading participant communications designed to drive positive retirement outcomes.
"We're thrilled that Nestle has once again placed its confidence in ING as a trusted service provider for the company's retirement savings plan," said Wayne Finnegan, head of institutional corporate markets for ING U.S. Retirement. "This extension is a testament to the strength of our eight-year relationship, and the commitment we have to exceeding Nestle's high service level needs and goals for the program. We look forward to building on this success as we continue to help Nestle employees save for their future."
ING's U.S. Retirement business holds top rankings in the defined contribution industry. It is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.
About ING
ING U.S. is a subsidiary of Dutch-based ING Groep N.V. 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, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 15 million customers across the nation. For more information, visit [ http://ing.us ].
SOURCE ING
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