New Hampshire securities regulators have charged ING with improperly running its state-employee retirement plan, saying the company accepted undisclosed fees from mutual funds offered in the plan and failed to reimburse employees whose accounts were depleted by market timing. Further, the suit charges that 13 of the 18 funds in the plan that paid fees to ING underperformed their benchmarks in a five-year period.

ING runs the 5,000-member, $180 million New Hampshire State Employees Deferred Compensation Plan and is a leading administrator of 457 plans in the nation.

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