Voya strongly supports Securing a Strong Retirement Act

Rhea-AI Summary

Voya Financial (NYSE: VOYA) supports the Securing a Strong Retirement Act of 2021 (SECURE 2.0), encouraging Congress to pass the bill to enhance retirement plan access and coverage. The legislation aims to improve retirement readiness through automatic enrollment in new plans, raising the minimum distribution age, and increasing catch-up contribution limits. Research indicates that 80% of American workers favor equal access to retirement savings. Voya, focused on delivering health, wealth, and investment solutions, aims to ensure a secure financial future for all Americans.

Positive

• Support for SECURE 2.0 could enhance retirement plan access and savings opportunities.
• Research shows 80% of American workers favor government action for retirement savings.
• Increased catch-up contribution limits could benefit older savers.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it supports — and encourages Congress to pass — the Securing a Strong Retirement Act of 2021 (SECURE 2.0) bill. Voya believes that the legislation, which builds upon the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, could help provide greater access to and further increase retirement plan coverage for individuals.

“We are encouraged to see that ensuring all Americans have the resources they need for a successful retirement is a priority among lawmakers, and we strongly urge Congress to advance the SECURE 2.0 legislation forward,” said Heather Lavallee, CEO of Wealth Solutions for Voya Financial. “As the impact of COVID-19 created even greater challenges for retirement savings opportunities for both individuals and companies alike, we at Voya are in favor of any program that can help increase opportunities for not only greater retirement savings but also plan access. Our research supports this too as 80% of American workers agree or strongly agree the government should prioritize equal access and opportunities to save for retirement for all Americans in 2021.¹”

The new legislation would provide many benefits to both individuals and companies by offering further opportunities to support retirement readiness. Among many benefits, some include requiring automatic enrollment in new retirement plans, increasing the current age for required minimum distributions from one’s retirement plan, providing higher catch-up contribution limits for individuals of a certain age and permitting open multiple employer plans for 403(b) retirement plans.

“As we saw with the overwhelming bipartisan support of SECURE in 2019, this new legislation is something that almost all of us can agree on, and that is the importance of financial security,” said Charlie Nelson, vice chairman and chief growth officer, Voya Financial. “At Voya, we are committed to creating a better financial future for all, and we believe this new legislation can help achieve just that. SECURE 2.0 would provide individuals with greater optionality for their retirement savings needs, which is a priority for Voya as we work with employers of all sizes in the U.S. to address Americans’ health and wealth needs.”

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 Financial survey conducted through Ipsos on the Ipsos eNation omnibus online platform among 1,000 adults aged 18+ (featuring 438 working Americans) in the U.S. Research was conducted Dec. 17-18, 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.

About Ipsos

Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people. Our passionately curious research professionals, analysts and scientists have built unique multispecialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions. Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.

Ipsos is a separate entity and not a corporate affiliate of Voya Financial^®.

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FAQ

What is Voya Financial's position on the SECURE 2.0 Act?

Voya Financial supports the SECURE 2.0 Act, believing it will enhance retirement plan access and coverage.

What are the key features of the SECURE 2.0 Act supported by Voya?

Key features include automatic enrollment in new retirement plans, raising the required minimum distribution age, and increasing catch-up contribution limits.

What percentage of American workers support retirement savings access improvements?

Research indicates that 80% of American workers support prioritizing equal access to retirement savings.

When was the SECURE 2.0 Act introduced?

The SECURE 2.0 Act was introduced in 2021 as a follow-up to the previous SECURE Act of 2019.