Voya selected as new service provider for United Health Services 403(b) and 457(b) retirement plans

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has been appointed as the recordkeeper and service provider for the United Health Services 403(b) and 457(b) retirement plans, which hold approximately $285 million in assets for over 7,500 participants. This partnership aims to enhance financial outcomes for employees through access to advanced educational tools and resources. Voya's commitment to providing tailored solutions aligns with United Health Services' mission to support its workforce's financial wellness, indicating a strategic growth opportunity for Voya in the health sector.

Positive

• Selected as service provider for United Health Services' retirement plans, managing $285 million in assets.
• Access to leading financial planning tools and resources for participants, enhancing their financial outcomes.
• Strong alignment of values between Voya and United Health Services, positioning Voya for future growth in the health sector.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it has been selected as the recordkeeper and service provider for the United Health Services 403(b) and 457(b) retirement plans.

United Health Services, based in Binghamton, New York, is a comprehensive regional health system whose mission is to improve the health of those they serve through their commitment to excellence. The 403(b) and 457(b) retirement savings plans, which transitioned to Voya in April 2021, represent approximately $285 million in assets under administration and serve more than 7,500 eligible participants.

“With a large, diverse population of employees and providers, United Health Services found that Voya offered the technology, service and financial planning tools that benefited all members of our workforce at varying stages in their careers,” said Sheri Lamoureux, chief human resources officer, United Health Services.

As part of its commitment to advancing a secure financial future for all individuals, 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, along with access to the company’s Financial Wellness experience.

“We were thrilled to be selected as the new service provider for the United Health Services 403(b) and 457(b) retirement savings plans,” said Brodie Wood, SVP and national practice leader of Health Care, Education and Not-for-Profit markets for Voya Financial. “As a company that is also committed to its values and supporting the communities in which it serves, we at Voya are aligned on allowing our values to ultimately guide our actions and decisions, which includes the service and support we offer our customers. We look forward to embarking on a new relationship to extend these values into supporting the hardworking plan participants at United Health Services to secure greater financial outcomes.”

As advisor to the United Health Services retirement plans, HANYS Benefit Services (HBS) assisted with the search, analysis and ultimate transition to Voya. “Our team was happy to lead this project with United Health Services,” added Jim Kelley, president of HBS. “They care deeply about their employees’ retirement program, and this was an important initiative for them.”

Voya is uniquely positioned in the market to serve retirement plans of all sizes and across all sectors, including health care organizations. This includes hospitals, medical centers, physician groups and other health and wellness organizations. Voya’s average tenure for a health care client is 28 years and its Tax-Exempt Markets segment supports over 4,700 health care organizations¹ with their retirement planning needs. To learn more, visit Voya.com/employers/tax-exempt/healthcare.

As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all Americans — one person, one family, one institution at a time.

1. Voya internal data, as of March 30, 2020.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America’s Retirement Company^®, Voya’s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $700 billion in total assets under management and administration as of Dec. 31, 2020. 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 earned recognition as one of the World’s Most Ethical Companies^® by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender Equality Index; and as 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005118/en/

FAQ

What retirement plans has Voya Financial been selected to manage for United Health Services?

Voya Financial has been selected as the recordkeeper and service provider for the United Health Services 403(b) and 457(b) retirement plans.

What is the total value of the United Health Services retirement plans managed by Voya?

The United Health Services retirement plans represent approximately $285 million in assets under administration.

How many participants are served by the United Health Services retirement plans managed by Voya?

Voya manages retirement plans for over 7,500 eligible participants from United Health Services.

How does Voya Financial enhance financial outcomes for plan participants?

Voya provides participants with access to industry-leading educational tools and resources, including the myOrangeMoney® interactive platform.

What is the significance of Voya's selection by United Health Services?

Voya's selection as a service provider highlights its capability to deliver tailored financial solutions, marking a strategic growth opportunity in the health sector.