Approximately 50,000 NYSUT members will receive an average of $450 each under a settlement between the state Attorney General's Office and ING, the provider of a 403(b) retirement investment plan endorsed by the NYSUT Member Benefits Trust.

ING will reimburse the accounts of approximately 66,000 individuals who invested in ING's 403(b) Opportunity Plus programs between Jan. 1, 2001, and June 30, 2006, a group that includes NYSUT members and other school district employees.

The refunds to participants, which will come from ING's assets, result from the attorney general's review of the 403(b) industry and his determination that ING failed to fully communicate its fee structure to participants.

The average reimbursement will be approximately $450, although amounts will vary based on the size of the investment, with the minimum refund totaling $100.

The reimbursements must occur within 120 days of the Oct. 10 settlement.

Members of the United Federation of Teachers and the Professional Staff Congress in New York City, who participate in different plans, are not included in the settlement.

Participants with specific questions about their ING accounts or refunds may call (800) 677-4636 from 8 a.m. to 7 p.m. Monday through Friday or speak to their ING representative. At the request of the NYSUT Member Benefits Trust, ING's service center will keep these extended business hours in effect through Oct. 27.

The Trust, which reviews vendors and products that are offered to members, was criticized last spring by the attorney general's office for not disclosing its endorsement agreement with ING in promotional materials. (Beginning in February 2005, the Trust incorporated detailed fee disclosure information in all its material.)

In a settlement announced in June, the Trust agreed to go above and beyond the attorney general's recommendations to ensure that NYSUT members receive complete information about any fees associated with Trust-endorsed programs, including whether the union is reimbursed for expenses associated with making endorsements.

The Member Benefits Trust already has arranged for an independent consultant to conduct a thorough and unbiased review of the 403(b) programs offered to NYSUT members and will follow all recommendations, including whether the Trust should engage in the practice of making endorsements in the 403(b) arena.

"The ING settlement is a welcome development that should result in more transparent 403(b) offerings throughout the industry a move that will benefit all NYSUT members," said NYSUT President Dick Iannuzzi.

- Kevin Hart