WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today a milestone growth advancement as the firm surpassed $100 billion across various multiple employer solutions.1 Further highlighting Voya’s experience and commitment to Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), Employer Aggregation Programs and other customized solutions, the firm continues to drive growth in this important market segment, with total assets increasing 15% since the same time period last year.2
“Our commitment to the multiple employer plan space is not new and at Voya; we have long recognized the value and benefits that these solutions can offer to help employers of all sizes establish retirement plans that meet the needs of their employees,” said Ginger Brennan, SVP, head of ABA Retirement Funds and Multiple Employer Solutions at Voya Financial. “Voya has the experience and scale and remains well diversified across plan sizes, industries, and tax codes that make us poised for success — both through the products and solutions that we offer today and further capabilities that we are developing. As a result, our growth within the pooled employer plan space continues to be a significant differentiator.”
To support its growth and commitment to the multiple employer plan space, Voya recently announced the addition of newly created positions to support sales growth in this important market segment. These roles, which have been focused on driving growth and engagement with both advisors and plan sponsors, are dedicated to helping facilitate the creation of new solutions and adding adopting employers into existing solutions.
“We see this marketplace continuing to grow, and our experience, breadth and depth make Voya well positioned to continue to capture a large share,” added Brennan. “With these different areas of support in place, we look forward to the opportunities ahead as we continue to focus on executing further on our strategy and supporting retirement plan sponsors and plan advisors in guiding employees to the solutions that will help create greater outcomes for all.”
Voya’s growth across the abundance of multiple employer arrangements has been driven by flexible programs designed to provide optimal support for clients of all sizes. As a result, Voya has experienced significant growth specifically within its Wealth Solutions business, with 34% of total employer-sponsored Defined Contribution plans participating in a multiple employer plan solution.3
Last year, Voya also announced it is serving as the recordkeeper for first 403(b) Pooled Employer Plan following the SECURE Act 2.0 legislation. The PEP is designed to provide a pooled plan option for IRS-designated 501(c)(3) nonprofit organizations and health care related entities, expanding retirement plan access for employees in these industries.
Voya remains uniquely positioned in the market to serve retirement plans of all sizes and across all segments. As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
1.-3. Voya internal data as of June 30, 2024.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: “Clearing your path to financial confidence and a more fulfilling life.” Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, Instagram and LinkedIn.
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