ING Aetna Financial Services, Atlanta, switched the matching contribution for participants who were in Aetna Financial Services’ 401(k) plan to company stock from cash, as part of its shift of those participants into ING’s transitional 401(k) plan.
The Aetna 401(k) plan had $2.8 billion as of Sept. 30, according to P&I data.
Former Aetna plan participants — now ING Aetna Financial Services employees, following ING’s acquisition of Aetna Financial and Aetna International — have three opportunities to move to a transitional ING 401(k) plan, said Jamie Salafia, public relations program manager. At the end of the year, any remaining participants in the transitional plan will be automatically moved over to ING’s regular 401(k) plan. The plan had $81 million in assets as of December 1998, the most recent figures available, according to the Money Market Directory.
The transitional plan became effective July 1 and offers dollar-for-dollar employer contributions on the first 5% of pay. It offers the same 18 options as the main ING plan, but there are two ING company stock funds. One, the ING Leveraged Stock fund, is solely for the company match; and the other, the ING Market Stock Fund, is for employee contributions, he said.
