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Voya Financial (NYSE: VOYA) celebrates the passing of the SECURE 2.0 Act of 2022 by Congress, pending the president's signature. The bill aims to enhance retirement plan access for individuals, particularly employees of small businesses. Key features include automatic enrollment in 401(k) plans, a start-up credit for small business plans, and innovative provisions for student loan repayments. Voya's internal data shows that 82% of Americans believe the government should prioritize equal retirement savings access, aligning with the bill's objectives.
Positive
Supports greater access to retirement plans for small business employees.
Introduces automatic enrollment in retirement plans enhancing savings rates.
Includes provisions for student loan repayments as elective contributions.
Negative
None.
Aligns with Voya’s mission to make a secure financial future possible for all by providing workers an opportunity for greater access to retirement savings
Supports Voya data revealing 82% of Americans think the government should prioritize equal access to retirement savings
WINDSOR, Conn.--(BUSINESS WIRE)--
Voya Financial, Inc. (NYSE: VOYA) fully supports the passing of the “SECURE 2.0 Act of 2022” by Congress today. The bill, which requires signature by the president to become law, will provide greater access to retirement plan coverage for individuals, particularly small business employees. SECURE 2.0 will also increase employers’ ability to support the short-term financial needs of their workforce, allowing more individuals to remain focused on their long-term retirement savings goals.
“We’re thrilled with the passing of SECURE 2.0 as Voya, along with many others in the industry, has long awaited the opportunity to provide greater access to retirement security for more working Americans,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial. “The bill ultimately helps to support the retirement saving needs of individuals within the workforce and enhances their ability to save for the future, which is at the heart of Voya’s mission.”
According to new Voya data, a majority (82%) of Americans agree or strongly agree that the government should prioritize equal access and opportunities to save for retirement for all Americans in 2023.1 In line with this data, SECURE 2.0 will make a number of important changes to help working individuals save more for retirement and increase their access to workplace retirement plans, including: automatically enrolling new employees into 401(k) and 403(b) retirement plans; granting a small business plan start-up credit for start-up costs; increasing the required minimum distribution age; allowing employers to treat repayments of student loans as elective contributions to one’s retirement plan for matching purposes; and allowing employers to create emergency savings accounts within their retirement plan.
“SECURE 2.0 is a great step forward in helping to address the evolving workplace benefits and savings needs of working Americans,” added Bill Harmon, chief client officer, Voya Financial. “At Voya, we know that a workplace retirement savings plan is one of the most fundamental savings vehicles for individuals to secure their financial future. We believe that the bill will not only build upon the great foundation of workplace savings plans and help increase retirement savings but will also provide greater access to those plans overall.”
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 — one person, one family, one institution at a time.
1. Results of a Voya Financial survey conducted Oct. 10-11, 2022, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company that provides products, solutions and technologies that enable a better financial future for its clients, customers and society. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya has approximately 6,000 employees and had $711 billion in total assets under management and administration as of Sept. 30, 2022. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; 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 Twitter @Voya.
What is the SECURE 2.0 Act of 2022 and its impact on retirement savings for VOYA shareholders?
The SECURE 2.0 Act aims to provide greater access to retirement savings, particularly for small business employees, potentially benefiting Voya's market position.
How does Voya Financial support the SECURE 2.0 Act?
Voya Financial strongly supports the SECURE 2.0 Act, which aligns with its mission to enhance retirement savings accessibility.
What percentage of Americans support equal access to retirement savings according to Voya data?
According to Voya data, 82% of Americans support prioritizing equal access to retirement savings.
What are the key features of the SECURE 2.0 Act as mentioned in Voya's press release?
Key features include automatic enrollment in retirement plans, small business start-up credits, and provisions for student loan repayments.
How might the SECURE 2.0 Act affect Voya Financial's business operations?
The SECURE 2.0 Act could enhance Voya's ability to attract customers through improved retirement savings options.
