Voya Financial announced it has surpassed the $100 billion milestone across various multiple employer solutions, after reporting total asset growth of 15% year over year through June.
“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.”
Voya Financial’s Ginger Brennan
In a press release today, the company said surpassing the milestone further highlights Voya’s experience and commitment to Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs), Employer Aggregation Programs and other customized solutions.
“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.”
Windsor, Conn.-based 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 makes Voya well positioned to continue to capture a large share,” Brennan said. “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 said it’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 DC plans participating in a multiple employer plan solution.
Last year, Voya also announced it is serving as the recordkeeper for the first 403(b) Pooled Employer Plan following SECURE Act 2.0 legislation. The PEP is designed to provide a pooled plan option for 501(c)(3) nonprofit organizations and health care related entities, expanding retirement plan access for employees in these industries.
SEE ALSO:
- First 403(b) Pooled Employer Plan Launches Post SECURE 2.0
- Voya Buys OneAmerica’s Retirement Business
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.