Nearly three years following SECURE Act, Voya remains a leader in pooled plan space
October 12 2023 - 9:00AM
Business Wire
As the market continues to adapt to new solutions, Voya’s
growth continues to surge as the firm approaches nearly $90 billion
in assets across Multiple Employer Solutions
Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and
investment company, announced today that the company has recently
reached the thresholds of serving more than 17,000 employers and
1.8 million participants with nearly $90 billion in assets across a
variety of multiple employer solutions.1 Voya’s significant growth
in the multiple employer solution space, including Multiple
Employer Plans (MEPs) and Pooled Employer Plans (PEPs), has been
driven by Voya’s scale and reach across the retirement plan
industry and reflects the company’s commitment to helping employers
of all sizes establish retirement plans that meet the needs of
their employees.
First established in 2019 through the SECURE Act, PEPs were
first introduced to the market in large part to help close the
retirement plan coverage gap. As one of many provisions introduced
within the SECURE Act, the creation of PEPs allows for unrelated
small businesses to join open multiple employer plans, providing
greater access to a 401(k) or similar workplace retirement savings
plan to more individuals.
“Voya has been supporting multiple employer plans for many years
now. While providing recordkeeping services to the very first
multiple employer arrangement that was established in the market 60
years ago, we have also seen a growing interest — with more than 50
new pooled plan arrangements being established in the past 18
months2,” said Ginger Brennan, SVP, head of ABA Retirement Funds
and Multiple Employer Solutions at Voya Financial. “While our role
is to provide our experience in recordkeeping solutions to these
plans, we are working closely with third-party administrators,
consultants and plan advisors to provide our industry-leading plan
sponsor and participant solutions to these plans. As a result,
we’re pleased to help support industry growth in this market by
offering intermediaries and plan sponsors more choices and expanded
distribution resources as Voya continues to evolve in this
space.”
By expanding access to workplace retirement plans for millions
of full- and part-time workers, particularly small business
employees, Voya has seen significant interest in these solutions —
with more than 10% of start-up plans moving into these type of
multiple employer arrangements.
Most recently, the firm announced it will be serving as the
recordkeeper for the first 403(b) Pooled Employer Plan to market
following the SECURE Act 2.0 legislation, which became law at the
end of 2022. That legislation permits 403(b) plans to join a PEP
and is designed to provide a pooled plan option to 501(c)(3)
nonprofit organizations and healthcare-related entities, broadening
retirement plan access for employees within these industries.
“While it’s exciting to see the evolution of the broader pooled
plan space, at Voya, we feel the market is still young, and there
is significant potential for growth,” added Brennan. “Although we
provide services to pooled plans of all sizes, our size and scale
at the larger end of the market, — including our recordkeeping,
distribution and proven resources that help drive both plan sponsor
and plan participant engagement — significantly helps to improve
our smaller-market offerings in this area. We look forward to the
opportunities ahead to support plan advisors in guiding their
clients to the right solution for them.”
Voya is 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 workplace 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. & 2. Voya internal data as of June 30, 2023.
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 14.7 million individual, workplace and
institutional clients become well planned, well invested and well
protected. Benefitfocus, a Voya company, extends the reach of
Voya’s workplace benefits and savings offerings by providing
benefits administration capabilities to 16.5 million individual
subscription employees across employer and health plan clients.
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,
LinkedIn and Instagram.
VOYA-RET VOYA-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20231012857712/en/
Media Contact: Laura Maulucci Voya Financial (508)
353-6913 Laura.Maulucci@voya.com
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