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Press release from PR Newswire

ING U.S. Expands its Suite of Retirement Income Solutions with New ING Lifetime Income Annuity

Tuesday, March 05, 2013

ING U.S. Expands its Suite of Retirement Income Solutions with New ING Lifetime Income Annuity09:00 EST Tuesday, March 05, 2013Retail product offers retirees flexibility and income growth potential with access to funds and built-in guaranteesWINDSOR, Conn., March 5, 2013 /PRNewswire/ -- ING U.S. announced today that it has expanded its lineup of retirement income product and service offerings with the launch of the new ING Lifetime Income single premium deferred fixed annuity issued by ING USA Annuity and Life Insurance Company (ING USA).  This retail product provides income benefits to help individuals plan for their retirement including income increases the longer income is delayed.  It also allows the flexibility to access those funds when needed (resulting in reduced future income withdrawal amounts) along with death benefit protection.The ING Lifetime Income deferred fixed annuity is the latest product to complement the long heritage of retirement income solutions and expertise from ING U.S., including an in-plan guaranteed income investment option for 401(k) participants as well as a series of retirement income planning and education resources for ING Financial Partners' financial advisors.  Complementing these retirement income offerings, ING Lifetime Income now brings a retail fixed annuity product solution broadly to the market that is focused on income potential."Building a sound, lifetime income strategy is one of the most important aspects of financial planning today, and a key to improving one's overall retirement readiness," said Chad Tope, president of ING U.S. Annuity and Asset Sales.  "Annuities have been ? and continue to be ? a reliable way to deliver a reliable income stream during retirement that helps replace a paycheck once a person stops working.  ING USA's new deferred fixed product rewards those who have the ability to postpone their income withdrawals, by stepping up their future available income withdrawal amount. If their needs shift, the individual can access a portion of the funds along the way although this will result in reduced future income withdrawal amounts." The opportunity to step up income with the ING Lifetime Income annuity comes in two increments, based on the number of years an individual delays the start of their income withdrawals. If income payments are deferred for five years, the available income withdrawal amount is boosted by 150 percent.  With a ten year deferral, the available income withdrawal amount gets a guaranteed boost of 225 percent.Another feature that offers potential income growth is linked to changes in the S&P 500® Index.  If the S&P 500 Index is higher at the end of a contract year than at the beginning, the available income amount increases by this percentage subject to an annual cap on the amount of this increase. The index cap is currently 6 percent and is fixed for the life of the contract. ING may declare a different index cap in the future for new contracts.  While there is upside potential, the income amount will not be decreased as a result of a decline in the S&P 500 over the course of the year.  The step up benefit and index-linked growth increase the benefit value, which is used to determine the income withdrawal amount only and do not increase the contract's account value.The income amount has the potential to grow until lifetime income withdrawals start, at which point the amount is locked in and the income withdrawals will continue for an individual's lifetime, or the lives of two spouses if there are joint owners.  An optional death benefit grows in a similar way, providing protection for beneficiaries and helping with legacy planning.As an industry leader and advocate for greater retirement readiness, ING U.S. is committed to the mission of making a secure financial future possible?one person, one family, one institution at a time.  For more information on the ING Lifetime Income deferred fixed annuity product, contact the Annuity and Asset Sales team at 800-369-5301.About ING U.S.ING U.S. constitutes the U.S.-based retirement, investment and insurance businesses of Netherlands-based ING Groep N.V. (NYSE: ING).  Through the ING U.S. family of companies, we serve the financial needs of approximately 13 million individual and institutional customers with a comprehensive array of products and services, including retirement plans, IRA rollovers and transfers, stable value, institutional investment management, mutual funds, alternative investments, life insurance, employee benefits, fixed and indexed annuities and financial planning.  Our dedicated workforce of more than 7,000 employees is focused on ING U.S.'s mission to make a secure financial future possible?one person, one family and one institution at a time. For more information, visit http://ing.us.The ING Lifetime Income product is issued by ING USA Annuity and Life Insurance Company and is a single premium deferred fixed annuity that provides a minimum guaranteed contract value and includes an index-linked minimum guaranteed withdrawal benefit. It is designed to help create guaranteed lifetime retirement income and is not intended as an accumulation product. All guarantees are based on the financial strength and claims paying ability of ING USA Annuity and Life Insurance Company. Surrender charges will apply if the contract is surrendered during the first nine years. Early withdrawals and other distributions of taxable amounts may be subject to ordinary income tax, a surrender charge, and if taken prior to age 59 ½, an IRS 10% premature distribution penalty tax unless an exception applies.The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by ING USA Annuity and Life Insurance Company (ING USA).   Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P");   Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by ING USA.  ING USA's ING Lifetime Income Annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.Contract Form Series: IU-IA-3119; IU-RA-3120; IU-RA-3121; IU-RA-3122; IU-RA-3123, may vary by state and may not be available in all states. SOURCE ING U.S.For further information: Maggie Dietrich, ING U.S., +1-860-580-2699, Cell, +1-860-335-7528, Maggie.Dietrich@us.ing.com