Voya Financial Becomes Largest Retirement Plan Provider in the Government Market

Rhea-AI Summary

Voya Financial announced its Retirement business has secured the No. 1 ranking in plan assets for the government 457/401(a) market, according to the SRI's third-quarter 2020 survey. Voya is responsible for recordkeeping approximately $121.5 billion in assets, achieving an 80% growth year-over-year. The firm has also reported over $27 billion in contributions for the year as of September 30, 2020. Voya supports more than 3,700 government plans and has gained 30 new clients, helping an additional 348,000 plan participants during challenging economic conditions.

Positive

• Achieved No. 1 ranking in government 457/401(a) market assets.
• Recordkeeping approximately $121.5 billion in assets, an 80% increase year-over-year.
• Reported over $27 billion in contributions year-to-date.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business has achieved a notable milestone — earning the No. 1 ranking in plan assets for the government 457/401(a) market, according to the Secure Retirement Institute^® (SRI^®) third-quarter 2020 Not-For-Profit Markets survey.¹

“We are extremely proud of this achievement and especially grateful to the thousands of government employers that have placed their trust in Voya and our ability to help their plan participants get ready to retire better,” said Heather Lavallee, president of Tax-Exempt Markets for Voya’s Retirement business. “Our ongoing commitment and experience in this market, which dates back more than 40 years when 457(b) plans were first created, enables us to support all types of government clients — from smaller plans with a few million in assets to some of the largest, most complex retirement programs in the country. At Voya, we consider it a great responsibility to help all of our government plan sponsors advance the financial wellness of their plan participants — many of whom are firefighters, police officers, government workers and public servants.”

According to the SRI report, Voya moved to the No. 1 ranking in plan assets during the third quarter of 2020 and is responsible for recordkeeping approximately $121.5 billion in assets for the government 457/401(a) market. This represents more than 80% year-over-year growth in assets compared to Sept. 30, 2019.¹ Voya also leads the market in contributions to government 457/401(a) retirement plans — reporting more than $27 billion in contributions year to date as of Sept. 30, 2020.¹

“I am extremely proud of Voya’s efforts in supporting our plan sponsors in the government market, especially during these extraordinary times,” said Amy Heyel, SVP and national practice leader of Government Markets for Voya Financial. “The COVID-19 pandemic has put tremendous stress on local governments — both financially and mentally — as they focus on serving their communities. At Voya, we have extensive knowledge and capabilities to help government plan sponsors achieve the financial wellness goals of their retirement programs. Therefore, in the midst of a global health crisis, we couldn’t be prouder to have been selected by 30 new government clients last year to help an additional 348,000 plan participants on their journey to build a secure financial future.”

Voya Financial’s Retirement business serves clients of all sizes and across all sectors, including employers in government and other tax-exempt retirement plan markets. Specifically for the government market, Voya supports over 3,700 government 457/401(a) retirement plans,² and the average tenure for a government client is more than two decades.³ To learn more, visit voya.com/employers/tax-exempt/government.

As a leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company^® and on its mission to make a secure financial future possible — one person, one family, one institution at a time.

1) Secure Retirement Institute® (SRI^®) 3Q 2020 Not-For-Profit Markets survey of 23 participating companies, Voya Financial® ranks No.1 in Government 457/401(a) assets as of Sept. 30, 2020. Growth calculated comparing Sept. 30, 2020, vs. Sept. 30, 2019, assets under administration.

2) Voya internal data, as of Sept. 30, 2020.

3) Voya internal data, as of Dec. 31, 2019.

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 $657 billion in total assets under management and administration as of Sept. 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 2020 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.

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FAQ

What milestone did Voya Financial achieve in the government market?

Voya Financial secured the No. 1 ranking in plan assets for the government 457/401(a) market.

How much in assets does Voya Financial oversee for the government 457/401(a) market?

Voya Financial oversees approximately $121.5 billion in assets for the government 457/401(a) market.

What percentage growth did Voya Financial achieve in assets year-over-year?

Voya Financial experienced an 80% year-over-year growth in assets.

How much has Voya Financial reported in contributions to government retirement plans?

Voya Financial reported over $27 billion in contributions year to date as of September 30, 2020.

How many government plans does Voya Financial support?

Voya Financial supports over 3,700 government 457/401(a) retirement plans.