Benefits February 3, 2011

VA to Ask Supreme Court for Immediate HCR Challenge Suit Hearing

February 3, 2011 (PLANSPONSOR.com) – Virginia Attorney General Ken Cuccinelli will ask the United States Supreme Court to accept the appeal of the state’s health care reform lawsuit even before it winds its way through federal appellate courts.
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Cuccinelli said in a news release that the state would rely on a Supreme Court rule of procedure allowing such expedited reviews in cases involving matters of great public importance. The official said the health reform challenge fits into that category because efforts by state officials who are now preparing to implement the law would be rendered moot were the reform act be thrown out.

“Given the uncertainty caused by the divergent rulings of the various district courts on the constitutionality of the Patient Protection and Affordable Care Act, we feel that it is necessary to seek resolution of this issue as quickly as possible,” said Cuccinelli, in the news release.  “Currently, state governments and private businesses are being forced to expend enormous amounts of resources to prepare to implement a law that in the end, may be declared unconstitutional.  Regardless of whether you believe the law is constitutional or not, we should all agree that a prompt resolution of this issue is in everyone’s best interest.”

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Virginia’s HCR challenge is currently pending in the 4th U.S. Circuit Court of Appeals (see Judge Strikes Down HCR Coverage Mandate).

Products February 3, 2011

ING Expands Offering of Fiduciary Service Program

February 3, 2011 (PLANSPONSOR.com) - ING’s U.S. Retirement Services business is expanding its program for researching, selecting and monitoring plan investments to support more types of employers.
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The program, Portfolio Blueprint, powered by Morningstar Associates, is currently offered to ING’s ERISA 401(a) and 401(k) corporate plan sponsor customers.  Now, ING will also make Portfolio Blueprint available to health care, education, and not-for-profit employers sponsoring qualified 401(a), 401(k) and 403(b) retirement plans.    

According to a press release, through Portfolio Blueprint, ING plan sponsor clients can elect to receive: 

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  • Professional and objective fund analysis from an independent third party; 
  • A fully diversified menu of investment options designed to meet the needs and profile of the sponsor’s workforce; 
  • A professionally drafted Investment Policy Statement (IPS); 
  • Quarterly monitoring reports and memos outlining fund changes; and 
  • Acknowledgement of fiduciary responsibility by Morningstar Associates for their investment advisory services under section 3(21)(A)(ii) of ERISA. 

 

The announcement said ING offers a wide selection of proprietary and non-proprietary funds under the program.  Plan sponsors select from a list of eligible investments recommended by Morningstar Associates. Portfolio Blueprint then allows sponsors and their financial professionals the flexibility to choose which investment options best suit the needs of their workforce.   

For more information on ING’s Portfolio Blueprint program, including specific pricing terms and availability for healthcare, education and not-for-profit employers, please contact ING’s Sales Desk at 1-866-481-3653, option 4. 

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