Austal USA Selects Voya as Service Provider for 401(k) and Non-Qualified Deferred Compensation Plans

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has been selected as the new recordkeeper and service provider for the Austal USA, LLC, 401(k) retirement plan, set to transition in December 2020. This plan oversees $90 million in assets and has over 2,000 eligible participants. In addition to recordkeeping, Voya will offer its Non-Qualified Deferred Compensation services. The partnership aims to enhance retirement readiness for Austal's employees through access to educational resources like the myOrangeMoney® platform. Voya aims to support financial wellness for Austal's workforce.

Positive

• New partnership with Austal USA adds approximately $90 million in assets under administration.
• Voya enhances its service offerings with Non-Qualified Deferred Compensation support.
• Access to industry-leading educational tools and resources for plan members.

Negative

• None.

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), announced that its Retirement business has been selected as the new recordkeeper and service provider for the Austal USA, LLC, 401(k) retirement plan.

Austal USA, located in Mobile, Alabama, is an industry-leading defense contractor — designing, manufacturing, and servicing innovative and affordable high-speed aluminum and steel ships. The 401(k) plan, which will transition to Voya in December 2020, represents approximately $90 million in assets under administration and serves more than 2,000 eligible participants. In addition to 401(k) plan recordkeeping support, the new relationship with Austal also includes Voya’s Non-Qualified Deferred Compensation (NQDC) offering.

“Austal’s primary objective in a 401(k) recordkeeper is to provide the best value for our employees in their preparation for retirement,” said Don Keeler, Austal’s vice president of Human Resources. “After consideration of several different options, we determined that Voya best met that objective.”

As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide plan members with access to industry-leading educational tools and resources. These include Voya’s myOrangeMoney^® interactive and educational participant website experience. Voya will also provide administration for the plans myCompass Index custom target-date solution.

“We are thrilled that Austal has decided to work with Voya as its new retirement plan service provider,” said Bill Harmon, president, Retirement Corporate Markets for Voya Financial. “One of Austal’s mission statements is to ‘build strong relationships for mutual success with our business partners.’ And we look forward to doing just that: building a successful relationship that will help support the company’s employees with their financial wellness needs as they work to reach a secure financial future.”

NFP Retirement assisted Austal USA with the search process and ultimate selection of Voya as the plan’s new recordkeeper.

Voya is uniquely positioned in the market to serve retirement plans of all sizes and across all segments. As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company^® and its mission to make a secure financial future possible — one person, one family, one institution at a time.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.5 billion in revenue in 2019. The company had $606 billion in total assets under management and administration as of June 30, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2019 World’s Most Ethical Companies^® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

VOYA-RET
VOYA-IR