In its ongoing Consumer Retirement Surveys, McKinsey & Company identified a number of concerns that US pre-retirees are becoming increasingly anxious about, including potential cuts to safety net programs, accumulating sufficient savings, and creating a guaranteed stream of income. With these concerns as the backdrop for the US retirement savings environment, ING US Financial Services (NYSE: ING), part of Amsterdam-based ING Groep NV, announced recently that it has realigned its US retirement savings and insurance operations to pioneer a more effective way to address the evolving retirement challenges facing US consumers.

"With our scaled presence in the individual retirement product market and the defined contribution product market, plus the insurance product market, ING is uniquely positioned to help US consumers create a comprehensive retirement savings plan that integrates their defined contribution retirement plans at their workplace with their personal investments outside the workplace," said Tom McInerney, ING Executive Board member, chairman and CEO, ING Insurance Americas. "This new alignment of businesses addresses a variety of external factors, including the ongoing erosion of the safety nets that once provided financial confidence for generations of retirees. Because of these changes, financial products, such as variable annuities, that provide downside protection and streams of income that can't be outlived are increasingly attractive for tomorrow's retirees. ING is focused on making it easier for consumers to create appropriate solutions for their retirement savings and risk protection programs that will allow them to retire with confidence."

ING created two distinct business divisions within this strategy. One division, called US Wealth Management, is focused on long-term retirement savings, retirement income, and comprehensive financial planning. The other operation, called US Insurance, is focused on risk protection, wealth preservation and risk management.

Kathleen A. Murphy, CEO, US Wealth Management

The US Wealth Management business is led by CEO Kathleen A. Murphy, and includes ING's 401(k), 457, and 403(b) defined contribution businesses, its Rollover/Payout business, plus its retail annuity business, and one of the industry's largest independent broker/dealer network.

"A secure and independent retirement is part of the American Dream and ING works with thousands of financial professionals and consumers daily to help make this dream a reality," Murphy said. "ING's Wealth Management businesses offer a full portfolio of products and services to help consumers prepare for retirement at the workplace and throughout their retirement years, especially the unprecedented number of Baby Boomers transitioning into retirement over the next 20 years. Since many Baby Boomers are expected to live well into their 90s, they will face an emerging kind of financial risk called longevity risk. Longevity risk is manageable with proper planning, preparation and products."

ING is a leading provider of retirement plans in its 401(k), 403(b) and 457 Defined Contribution market segments; a leader in fixed and variable annuities; and has one of the largest independent broker/dealer networks with nearly 9,000 registered representatives.

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