VOYA FINANCIAL, INC. - VOYA STOCK NEWS

Voya Financial, Inc. (NYSE: VOYA) has been retained as the recordkeeper and service provider for the City of Milwaukee Deferred Compensation Plan, extending their partnership for five additional years. The plan, which supports 9,300 employees, holds approximately $1 billion in assets under administration. This relationship enables city employees to access administrative services, educational tools, and professional account management. Voya aims to enhance financial wellness and customer experience as they continue this collaboration with Milwaukee.

Voya Investment Management has partnered with iCapital to enhance access to alternative and private fund offerings for financial advisors and high-net-worth clients. Utilizing iCapital’s technology, Voya's Pomona Investment Fund (PIF), with approximately $550 million in assets under management, aims to streamline subscription and investment processes. PIF, which focuses on secondary interests in private equity funds, had a net return of 44.35% for 2021. The partnership seeks to expand Voya's alternatives offering, improving client experiences in private equity investments.

Voya Financial has launched myHealth&Wealth, a new benefits selection tool aimed at helping employees optimize spending on health insurance, emergency savings, and retirement. The tool, developed in collaboration with SAVVI Financial, delivers personalized guidance to create a comprehensive benefits budget. Research highlighted that 72% of employees find benefits selection cumbersome, underscoring the need for integrated solutions. Initial pilots indicated improved understanding of health plan trade-offs and increased retirement contributions among users. This innovation aligns with Voya's commitment to enhance employee financial wellness.

Voya Financial, Inc. (NYSE: VOYA) announced the appointment of Lynne Biggar to its board of directors, effective March 15, 2022. Biggar, who previously served on Voya's board from 2014 to 2021, brings extensive experience from her former role as executive vice president and global chief marketing officer at Visa. She will join various committees, including the audit and compensation committees. Voya’s CEO Rodney O. Martin Jr. praised Biggar’s significant contributions to Voya’s strategy, diversity initiatives, and digital investments.

Voya Financial (NYSE: VOYA) has launched a new grant program aimed at supporting small businesses owned by individuals from underrepresented communities. Five Black-owned, technology-focused businesses will each receive $10,000 to foster growth. This initiative is part of Voya's commitment to diversity, equity, and inclusion, focusing on enhancing opportunities in the technology sector.

The grant recipients include companies like Imani Software and LiftEd, which provide educational tech solutions. Voya's mission is to create a secure financial future for all.

Voya Financial has unveiled a study in collaboration with major universities showing that reformulating retirement savings rates as “pennies per dollar” significantly enhances savings behavior, particularly among lower-income workers. The randomized study involved 2,200 individuals and revealed that displaying a 7% savings rate as “7 pennies” encouraged an increase to an average savings rate of 8.0%. This simple change could potentially raise retirement income by nearly 20%. Voya emphasizes the importance of addressing savings gaps through accessible behavioral finance approaches.

Voya Investment Management has announced a significant growth in its private placement debt portfolio, reaching $23.4 billion in assets under management (AUM). In 2021, Voya committed $4.4 billion across private placements, including $3.7 billion for institutional clients. The demand for private credit is on the rise, with around $90 billion issued in the market. Infrastructure debt accounted for $1.2 billion, or 27%, of Voya's total funding in 2021, reflecting a focus on renewable energy and ESG investments.