WINDSOR, Conn .– (BUSINESS WIRE) – Jan. 26, 2021–
Voya Financial, Inc. (NYSE: VOYA) announced today that its retirement business has reached a remarkable milestone – the # 1 plan assets for the state market according to the Secure Retirement Institute ® 457/401 (a) (SRI ®) survey non-profit markets in the third quarter of 2020. 1
“We are very proud of this achievement, and especially grateful to the thousands of government employers who have placed their trust in Voya and our ability to help their plan participants better prepare for retirement,” said Heather Lavallee , President of Tax-Exempt Markets for Voya’s retirement business. “Our continued commitment and experience in the market, dating back more than 40 years when 457 (b) plans were created, enables us to serve all types of government clients – from smaller plans with assets of a few million to a few the largest and most complex retirement programs in the country. At Voya, we consider it a great responsibility to help all sponsors of our government plan improve the financial well-being of their plan participants – many of whom are firefighters, police officers, government employees and civil servants. “
According to the SRI report, Voya rose to No. 1 in plan assets in the third quarter of 2020 and is responsible for recording approximately $ 121.5 billion in assets for the 457/401 (a) state market. This represents an asset increase of more than 80% from September 30, 2019. 1 Voya is also a leader in the market for contributions to state pension plans under 457/401 (a), reporting a contribution of more than $ 27 billion per year to date September 30, 2020. 1
“I am very proud of Voya’s efforts to support our plan sponsors in the government marketplace, especially during these extraordinary times,” said Amy Heyel, SVP and director of national practice for government markets at Voya Financial. “The COVID-19 pandemic has put a huge strain on local governments – both financially and mentally – as they focus on serving their communities. At Voya, we have the extensive knowledge and skills to help government sponsors meet the financial wellness goals of their retirement programs. In the midst of a global health crisis, we couldn’t be more proud to have been selected by 30 new government clients last year to help an additional 348,000 Plan participants on their way to building a secure financial future. “
Voya Financial’s repurchase business serves clients of all sizes and industries, including employers in government and other tax-free retirement plans. Specifically for the government market, Voya supports over 3,700 government pension plans (457/401 (a) 2), and the average tenure of a government client is more than two decades. 3 To learn more, visit voya.com/employers/tax-exempt/government.
As a leader and advocate for greater retirement, Voya Financial is committed to realizing its vision as America’s Retirement Company® and its mission to create a secure financial future – one person, one family, one institution.
1) Secure Retirement Institute® (SRI®) 3Q 2020 Non-For-Profit-Markets-Survey of 23 participating companies, Voya Financial® ranks first among the assets of Government 457/401 (a) as of September 30, 2020. Growth calculated comparing assets under management as of September 30, 2020 to September 30, 2019.
2) Voya internal data as of September 30, 2020.
3) Voya internal data as of December 31, 2019.
About Voya Financial ®
Voya Financial, Inc. (NYSE: VOYA) helps Americans plan, invest, and protect their savings – to prepare for a better retirement. Voya is a Fortune 500 company with 2019 sales of $ 7.5 billion and total assets of $ 657 billion under management as of September 30. It serves the financial needs of approximately 13.8 million residential and institutional customers in the United States. 2020. With a clear mission to provide a secure financial future – one person, one family, one institution – Voya’s vision is to be America’s Retirement Company ®. Voya has been certified as a “Great Place to Work” by the Great Place to Work ® Institute and is equally committed to socially, ecologically, economically and ethically responsible management. Voya was named the World’s Most Admired Company for 2020 by Fortune Magazine. One of the World’s Most Ethical Companies 2020 ® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as “best job for disability inclusion” in the Disability Equality Index by disability: IN. For more information visit voya.com. Follow Voya Financial on Facebook, LinkedIn and twitter @ Voya.
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SOURCE: Voya Financial, Inc.
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PUB: 01/26/2021 11:00 am / DISC: 01/26/2021 11:01 am
Copyright Business Wire 2021.