Ing Financial Services LLC 401(k) Review & Grade
Ing Financial Services LLC 401(k) Savings Plan
New York, NYFinance & Insurance674 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$12,216Employer $ per active participant
$19,623Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$454.6MNet plan assets, end of year
$382,039Average balance per account
Score breakdown
- Employer generosity47.7 / 5095th percentile for employer $ per participant
- Low cost23.5 / 2594th percentile for low admin cost vs. same-size plans
- Employee saving14.4 / 1596th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
Total score93 / 100 · Grade A
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 95th |
| Lower admin cost | 94th |
| Employee saving | 96th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Ing Financial Services put in about $12,216 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $8,227,716 |
| Participant (employee) contributions | $13,215,939 |
| Other contributions (incl. rollovers in) | $2,250,398 |
| Administrative expenses paid from the plan | $106,156 |
| Contract administrator fees | $3,000 |
| Investment advisory & management fees | $33,902 |
| Other admin expenses | $139,032 |
| Benefits paid out | $34,930,798 |
| Net assets, start / end of year | $402.6M / $454.6M |
| Active participants, start / end of year | 633 / 714 |
| Participants with account balances | 1,190 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Baker Tilly US, LLP |
| Employer stock held by plan | $6,418,512 |
Largest service providers (Schedule C)
| Rwbaird | $139,032 reported compensation |
| Strategic Advisors, Inc. | $33,902 reported compensation |
| Fidelity Investments Institutional | −$66,799 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250703102354NAL0000254019001, received 2025-07-03, EIN 13-3713590, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.