Welcome to the City of West Palm Beach 457 Deferred Compensation Plan and 401(a) Defined Contribution Pension Plan (Bright Horizons) Web site



ING Financial Strength and Ratings

The Credited Rate of the Bright Horizons Stable Value Option Portfolio for the period July 1, 2010 through September 30, 2010 is 2.76%. The credited rate will be re-evaluated each quarter.

The Bright Horizons Stable Value Option Portfolio is a private label investment option that is not a registered investment option and is not registered with the Securities and Exchange Commission.

Insurance products are issued by ING Life Insurance and Annuity Company. Seminars and securities offered through ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, CT 06095-4774 or other Broker-Dealers with which ING has selling agreements

Educational Seminars: ING offers a variety of educational seminars. In addition to these seminars, ING’s local representatives are available for one-on-one meetings to discuss your specific situation. Click Here for the latest meeting schedule.

Symetra Investment Services, Inc. is an independent firm and not a corporate affiliate of ING Financial Advisers, LLC (Member SIPC).

To help you achieve your financial and retirement goals, the City sponsors a 457 Deferred Compensation Plan and 401(a) Defined Contribution Plan (Plans). These Plans are referred to as Bright Horizons. Depending on your employee classification, you may be eligible to participate in one or both of these Plans.

To provide you with easy access to information about the Plans, ING has developed this custom Web site for City Employees. This site will be a great source of information about the Plans, your investment choices, and the services available from ING. This Web site will also provide you with access to your account information and the ability to make account transactions. In addition, you can receive comprehensive Plan information, and investment and retirement planning educational materials.

The 401(a) Defined Contribution Plan:

The 401(a) plan is a mandatory plan and all non-probationary permanent common law employees of the City who have attained the age of 18 receiving earnings for services performed for the City are automatically covered by the plan except for the following:

  • individuals compensated on a contracted basis;
  • persons employed on an original probationary period, except SEIU employees which have their employee contributions commence on date of hire;
  • members of boards or commissions, officers or employees receiving no salary;
  • persons whose regular City employment is less than 20 hours per week on a continuous basis (52 weeks per year); temporary, or seasonal basis;
  • participants in any City-sponsored defined benefit plan unless benefits have been frozen;
  • any otherwise eligible employee who is a participant of a collective bargaining unit that has not consented to participate; and
  • independent contractors.


    • The 457 Deferred Compensation Plan:

    The 457 plan is a voluntary plan available to all employees of the City receiving earnings for personal services except for:

  • individuals compensated on a contracted basis;
  • members of boards, commissions, or committees and officers or employees receiving no salary; and
  • independent contractors.

    • This Web site is only one of the methods for you to receive information about the City’s Plans and your account. Other services available include:

  • one-on-one meetings on a variety of issues, including enrollment, investment principles, and distribution planning
  • group meetings and seminars led by licensed representatives
  • investment education
  • toll-free access to a customer information center and 24 hour automated voice response unit (VRU) at (800) 584-6001; Customer Service Associates are available Monday – Friday 8:00 a.m. – 9:00 p.m. (Eastern Time)
  • timely quarterly account statements
  • informative quarterly newsletters
  • ongoing local service from two locations: 1) our on-site office, located at the City of West Palm Beach, Human Resources, (561) 494-1000; and 2) our regional office in Tampa, Florida at 2202 N. Westshore Blvd., Suite 350; (800) 282-6295.

    • Please CLICK HERE to review ING's Excessive Trading Policy.

    Please contact us if you have any questions regarding the Plans or your account. Our Customer Service Associates are available by calling our toll-free telephone line at (800) 584-6001, Monday through Friday, during the hours of 8:00 a.m. to 9:00 p.m. (Eastern Time).

    This policy has terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage call or write your agent or ING.

    Mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Withdrawals will be taxed as ordinary income the year the money is distributed. Early distributions taken from the 401(a) Plan prior to age 59½ may be subject to the federal 10% premature distribution penalty tax. Account values fluctuate with market conditions and when surrendered, the principle may be worth more or less than the original amount invested. You should consider the investment objectives, risks, and charges, and expenses of the mutual funds carefully before investing. The fund prospectuses contain this and other information, and can be obtained be contacting your local representative. Please read the information carefully before investing. ING does not offer legal or tax advice. Please seek the advice of your own legal or tax advisor prior to making a tax-related investment decision.

     

    © 2002 - 2010 ING North America Insurance Corporation

    Insurance products issued by ING Life Insurance and Annuity Company. Securities offered through ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, CT 06095-4774, or other broker/dealers with which it has a selling agreement.