| |
|
| |
Frequently Asked QuestionsThe following questions and answers were developed to help you better understand the services and benefits available to you under Metropolitan Government of Nashville and Davidson County 457 Deferred Compensation Plan (MetroMax). What is a 457 deferred compensation plan? What type of experience does ING have? If I am not currently participating in the 457 plan, when can I enroll? How do I change my beneficiary under the Plan? How quickly will my transaction requests be processed? Will ING confirm the transactions I make? How can I receive information on fund performance? Will ING make available daily prices for each of the variable investment options? How frequently will fund performance be updated? What historical performance will be shown? How many Customer Service Associates will be answering the toll-free line? What is ING`s policy on privacy? How do I obtain paperwork for a distribution or an unforeseeable emergency withdrawal? How do I find out more about my distribution choices? What is a 457 deferred compensation plan?A retirement plan established by your employer that allows you to make contributions into an account established on your behalf. Your contributions are made on a pre-tax basis, and all earnings are tax-deferred. The amounts accumulated are distributed at retirement, or due to another qualifying event, such as separation from service or death. Back to Top What type of experience does ING have?We are a leading provider of deferred compensation and defined contribution plan education, administration and investment services to governmental plan sponsors and participants. We have provided services to defined contribution plans since 1967, and to deferred compensation plans for almost 30 years (since 1972). We currently provide investment and/or administrative services to 17 state plans, the District of Columbia and 3,300 cities, counties and municipalities. If I am not currently participating in the 457 plan, when can I enroll?You can enroll in the Plan anytime after July 1, 2001... We will be conducting group enrollment meetings throughout Metro. The "Enrollment" tab of this web site includes information on enrolling in the plan. Will I need a password to get into my personal account on the toll-free telephone line and the Internet?Yes, for security reasons, you will need both your Social Security Number and a personal identification number (PIN) to access your account through the Internet and our toll-free telephone line. You were assigned a default PIN that was identified on the confirmation that you received when the transition was complete in July. We encourage you to change this password to one of your own preference at your earliest convenience. PINs can be changed on the Internet or by using our automated toll-free telephone line; our customer service associates cannot change your PIN for you. How do I change my beneficiary under the Plan?A beneficiary designation form is available on the Forms section of this Web site, and is also available by calling (800) 584-6001 and speaking with a customer service associate. The completed form should be returned to ING at the address indicated on the upper right corner of the beneficiary form. Please note that as part of the transition, you need to complete a new beneficiary designation form for amounts with ING . If you have not yet done so, please complete this form and return it to ING as noted previously. How quickly will my transaction requests be processed?Transactions received in good order by the close of business on any day the New York Stock Exchange is open (generally until 4:00 p.m. Eastern Time, Monday through Friday), will be processed at the close of that same business day and reflected in your account on the next business day. Transaction requests received in good order after the close of business on a New York Stock Exchange business day, will be processed as of the close of business on the next business day. All transactions are processed within these timeframes regardless of whether you use the Internet, automated voice response system or talk with a customer service associate. Will ING confirm the transactions I make?Any time you make a change to the manner in which your ongoing contributions are invested or the way your current account is invested, a written confirmation will be mailed to your home within 2 days of the date the transaction is made. You will receive this confirmation if you make financial transactions over the Internet, automated voice response system or by talking with a customer service associate. Are there any transaction fees if I make changes using the Internet? What if I use the toll-free telephone line?No. There are no transaction fees associated with any of the transactions you make with ING, whether you make them using the Internet, the automated voice response unit or by speaking with a live customer service associate. How can I receive information on fund performance?You can receive fund performance in a variety of ways: Will ING make available daily prices for each of the variable investment options?Yes. Daily fund prices are available by accessing this custom web site. Simply click on "Account Access" to access your account and obtain the current daily fund price. How frequently will fund performance be updated? What historical performance will be shown?Fund performance will be updated on a monthly basis. Monthly performance reports will be available on this web site under the icon "Fund Performance". Quarterly performance reports will be available on this web site, and will be included with your quarterly statements. You will be able to track daily fund prices on this web site when accessing your account through "Account Access". How many Customer Service Associates will be answering the toll-free line?In addition to the local office representatives that will be available on an ongoing basis, over 70 customer service associates are available to respond to questions over the toll-free telephone line. All of our associates are trained on 457 deferred compensation plans, and have instant access to all of the specific provisions applicable to the MetroMax Plan. What is ING`s policy on privacy?We take ensuring the privacy of our customers very seriously. For more information, click on the tab "Legal Statement" and scroll down to the section on our privacy policy. How do I obtain paperwork for a distribution or an unforeseeable emergency withdrawal?When you become entitled to a distribution under the Plan or incur an unforeseeable emergency, you should call ING customer service center at (800) 584-6001 to request paperwork. The customer service associate can answer any questions you have regarding your eligibility for a withdrawal. How do I find out more about my distribution choices?ING local office representatives are available to provide you with one-on-one meetings to discuss your distribution options under the Plan. ING customer service center associates can also answer any specific distribution questions that you may have.
|