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ING 403b Plan Overview
ING is one of the district's two designated providers for a 403b plan. This allows eligible employees to supplement any existing retirement or pension plans. Contributions are made through pre-tax payroll deduction and may be eligible for a district match (if in collective bargaining agreement).
ING is a leading provider of 403b programs to public schools and has local, experienced representatives from Capital Street Financial Services to meet one-on-one with employees and assist with enrollment and investment strategy.
Investment Fund Options
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Mutual funds from well-known fund families including American Funds, ING Funds, JP Morgan, Morgan Stanley Investment Management, and T. Rowe Price
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Target-date maturity funds, which offers a simpler approach to investing
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ING Fixed Plus III Account, offered through a group annuity contract issued by ING Life Insurance and Annuity Company, provides principal and minimum interest rate guarantees (guarantees are based on the claims-paying ability of ING Life Insurance and Annuity Company)
Fees
- No annual maintenance fee on the contract
- Annual asset and management fees apply, depending on the underlying investment used to fund the contract.
- No contract withdrawal charge. This allows full portability at separation from service or retirement. (Withdrawals prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax)
Minimum & Maximum Contributions
The minimum contribution is $5 per pay period. The annual maximum contribution is determined by the IRS rules governing 403b plans. For 2009, the standard employee contribution maximum is $16,500 with an additional $5,000 for employees over age 50
Steps to Participate
- Call (651) 665-4300 to set up an appointment to meet with an ING representative from Capital Street Financial Services of St. Paul. The representative will provide you with the ING enrollment kit for the SPPS plan and will be available to meet with you at a time and place that is convenient to you.
- Set up an ING account by completing the necessary paperwork, including an ING enrollment form, a SPPS Salary Reduction Agreement, and any other possible transfer paperwork.
- Forward your salary reduction agreement form to the district business office. Once this form is received, payroll will begin the payroll deductions and contributions will be sent to ING. (IMPORTANT - Your account must be set up at ING before you send in the salary reduction agreement form to start payroll deductions.)
Contact Information - Capital Street Financial Services
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