What are some ING retirement plans?


Quick Answer

Voya Financial, formerly ING, offers 401k, 401a, 403b and 457 retirement plans for employees in different organization types. The company also provides the Simplified Employee Pension and SIMPLE IRA plans for owners and employees of small businesses, according to Voya Financial.

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Full Answer

Employees in different organizations qualify for various retirement plans, states Voya Financial. To participate in a 401k plan, an individual must be employed in an organization where the employer facilitates 401k contributions. The Internal Revenue Service defers taxes on 401k savings until the owner of the plan makes a withdrawal. A 401a plan is a supplemental retirement plan that employers offer to attract employees. A 403b plan resembles a 401k plan but is designed for people working in public schools and tax-exempt organizations.

Voya Financial helps small businesses set up SIMPLE IRA plans for their employees. The company acts as the IRA custodian that holds assets for employees participating in these retirement plans, according to Voya Financial. Employers can set up SIMPLE IRA plans and match their employees' contributions up to 3 percent of annual salaries. Voya Financial also offers SEP IRA plans that allow small business owners to make retirement contributions on behalf of their employees. Employees enrolled in SEP IRA plans cannot make individual contributions.

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