Products May 17, 2010

ING Adds Practice Management Tool

May 17, 2010 (PLANSPONSOR.com) - ING’s U.S. Retirement Services business has announced the launch of a new tool to further enhance its GROW Program – a business-building campaign for advisers, consultants and third party administrators (TPAs) serving the small and mid-sized corporate retirement plan market.
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The new program enhancement – “Cracking the Code” – is a set of practice management strategies to help retirement professionals unlock the business opportunities found in the Form 5500. Similar to the other tools and resources in the GROW Program, “Cracking the Code” includes actionable sales ideas and guidance that can be leveraged for relationship-building and business growth, the announcement said.    

“Cracking the Code” includes a guide for navigating the various sections of the Form 5500 for sales opportunities, leveraging online reports and Web sites to develop business leads, and taking advantage of ING’s resources to drive action. 

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The sales ideas and opportunities offered in the campaign focus on:

  • Plan Design – Help educate potential clients on alternative plan designs that might save them money, maximize deferrals and/or decrease administrative workload.
  • Service – Demonstrate value to customers who could benefit from an increased level of service and support.
  • Education – Uncover opportunities for a sponsor to create more customized employee education programs that can help improve plan metrics.
  • Compliance / Fiduciary – Offer solutions and guidance to address fiduciary responsibilities and help keep a plan compliant.

“Tapping the Form 5500 for plan design ideas is one strategy that advisers, consultants and TPAs are finding especially useful,” said Bob Kaplan, vice president and national training consultant for ING U.S. Retirement Services, in the announcement.   

For more information, call 1-866-481-3653, option 4.

Benefits May 17, 2010

IRS Releases Health Coverage Tax Credit Guidance

May 17, 2010 (PLANSPONSOR.com) – Small-sized business owners not clear about their eligibility for the government’s new health care tax credit are getting some help from the Internal Revenue Service (IRS).
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Notice 2010-44 provides detailed guidelines, illustrated by more than a dozen examples, to help small-sized employers determine whether they qualify for the credit and to estimate the amount of credit they could receive. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain employee coverage they already have, the IRS said.

The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance said small businesses can receive the credit not only for regular health insurance but also for add-on dental and vision coverage.

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In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by eligible small business employers and 25% of premiums paid by eligible employers that are tax-exempt organizations.

More information about the credit, including a step-by-step guide and a list of frequently asked questions is available here. IRS Notice 2010-44 is here.

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