Enrollment

ING will be holding group enrollment meetings throughout the City on an ongoing basis. These meetings will provide information about the benefits of participation in the 457 plan, the features of the plans, investment options and ING services. You will also be able to complete enrollment materials for the 457 plan. We will also be available for one-on-one meetings if you have specific questions that you would like answered in a more comfortable setting. We will also be providing education meetings on the 401(a) Plan.

Enrollment in the 457 Plan

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

1. individuals compensated on a contracted basis;

2. members of boards, commissions, or committees and officers or employees receiving no salary; and

3. independent contractors.

Any eligible employee may elect to participate in the 457 plan and defer a portion of future compensation. There are no minimum age or service requirements. Please note that based on the Plan and IRS requirements, the earliest date your agreement to defer can be effective is the first day of the month following the date you complete the agreement. You can specify a later date if you choose.

1. A Participation Agreement that specifies the portion of compensation that you want to defer to the Plan each pay period. The Participation Agreement must be returned to the City’s Human Resources Department.

2. An Enrollment Form that specifies your investment choices. The completed Enrollment Form must be returned to ING’s on-site office.

Enrollment in the 401(a) Plan

The 401(a) plan is a mandatory plan and all 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:

1. individuals compensated on a contracted basis;

2. persons employed on an original probationary period, except SEIU employees which have their employee contributions commence on date of hire;

3. members of boards or commissions, officers or employees receiving no salary;

4. persons whose regular City employment is less than 20 hours per week on a continuous basis (52 weeks per year); temporary, or seasonal basis;

5. participants in any City-sponsored defined benefit plan unless benefits have been frozen;

6. any otherwise eligible employee who is a participant of a collective bargaining unit that has not consented to participate; and

7. independent contractors.

Since you are automatically enrolled in the 401(a) Plan, you are not required to complete any forms to participate. Your initial investment allocation for 401(a) contributions will be set to the ING Stable Asset Fund. You may change the investment of your future ongoing contributions or account balance at any time by calling (800) 584-6001 (and speaking with a customer service associate or using the automated feature) or through this Internet site by clicking on the “Account Access” icon on the left side of the screen.

Please Click Here for important information regarding ING’s anti-money laundering policy.

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.