ING has expanded its fiduciary service offerings to help defined contribution plan sponsors navigate their responsibilities under the Employee Retirement Income Security Act.
According to ING, the decision was a result of increased customer demand for such a service.
The new service, Portfolio Blueprint 3(38), allows employers to delegate fiduciary authority for the selection, ongoing monitoring, and replacement of the plan's investments to Morningstar Associates, a qualified "investment manager," as defined by section 3(38) of ERISA. Morningstar Associates is a leading investment advisory firm and provider of plan sponsor consulting services with which ING has an established relationship.
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Morningstar Associates is appointed, under the service, to manage the investment process for the plan, relieving the sponsor of fiduciary duty. This service will be available to small and mid-sized companies that sponsor 401(k) retirement plans. It represents one of many fiduciary service programs that customers can select from ING's Portfolio Blueprint offerings.
With the Portfolio Blueprint 3(38) service, Morningstar Associates acknowledges its role as a fiduciary, as set forth in ERISA section 3(38) with respect to the selection, monitoring, and replacement of plan investment options from those available through ING's platform.
"There's a spotlight right now on retirement plan investment offerings and the obligations and responsibilities of those who select and advise on them," said Brock Johnson, president of retirement solutions for Morningstar's Investment Management division, in a press release. "This service will continue to offer sponsors a diverse menu of high-quality investment options while giving them the confidence that comes with the fiduciary coverage from Morningstar Associates as an appointed investment manager to the plan."
ING's U.S. Retirement Services business holds more than $300 billion in combined assets under management and administration. It serves corporate, government, healthcare, not-for-profit, K-12 and higher education employers.
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