Western Dental selects Voya as service provider for its 401(k) Retirement Savings Plan

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has been chosen as the new recordkeeper for Western Dental Services, Inc.'s 401(k) Retirement Savings Plan, which transitions in April 2021. This plan manages $95 million in assets and serves around 6,000 participants. Western Dental's decision highlights Voya's mobile capabilities and robust plan health reporting. Voya will provide educational tools and the Voya Retire mobile app to assist plan participants in managing their retirement savings. This partnership emphasizes Voya's commitment to financial wellness in the workplace.

Positive

• Selected as recordkeeper for Western Dental's 401(k) plan, managing $95 million in assets.
• Will provide industry-leading educational tools and resources to 6,000 participants.
• Offers advanced mobile capabilities and a robust recordkeeping platform.

Negative

• None.

Voya Financial, Inc. (NYSE: VOYA), announced today that it has been selected as the new recordkeeper and service provider for the Western Dental Services, Inc., 401(k) Retirement Savings Plan.

Western Dental & Orthodontics is a chain of dental offices based in Orange, California, with affiliates operating in more than 300 dental offices in Alabama, Arizona, California, Nevada and Texas. The Western Dental Services, Inc., 401(k) Plan, which will transition to Voya in April 2021, represents $95 million in assets under administration and serves approximately 6,000 eligible participants.

“Providing the right tools and resources for our employees to support them as they plan for their retirement is an important focus for us at Western Dental,” said Kevin Simes, director, Total Rewards at Western Dental & Orthodontics. “We were looking for a recordkeeper that was committed to the retirement business and this focus. Voya offers several differentiators, including mobile capabilities and a recordkeeping platform that could provide robust plan health reporting, both of which helped with our ultimate decision.”

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, including Voya’s myOrangeMoney^® participant website and retirement-income-estimating capabilities. Participants of the Western Dental 401(k) plan will also have access to the Voya Retire mobile application, which provides access to one’s retirement savings account, including their unique, personalized myOrangeMoney experience.

“We are excited to start this new relationship with Western Dental as the new recordkeeper for its 401(k) retirement savings plan,” said Bill Harmon, chief client officer for Voya Financial. “Financial services is an industry that is highly centered on customer service — like the dental industry. We understand the level of care and trust that is equally needed when it comes to financial wellness services and supporting the hardworking individuals at Western Dental to plan for their future. Our teams are fully committed to working together to help them prepare for greater outcomes in their future.”

Morgan Stanley assisted Western Dental with the search process and ultimate selection of Voya as the plan’s new recordkeeper. The Morgan Stanley team is the advisor to the plan, lead by Rick Newman, director, Corporate Retirement. “Voya has been impressive from the start. The experienced service team, advanced technology and targeted customer communications program were all exactly what Western Dental was looking for in their recordkeeper search,” added Newman.

Voya is uniquely positioned in the market to serve retirement plans of all sizes and across all segments. 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.

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 14.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020. The company had $700 billion in total assets under management and administration as of Dec. 31, 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 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.

VOYA-RET
VOYA-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210329005038/en/

FAQ

What services will Voya provide for Western Dental's 401(k) Retirement Savings Plan?

Voya will deliver educational tools, industry-leading resources, and access to a mobile application to help participants manage their retirement savings.

When will Voya start managing Western Dental's 401(k) plan?

Voya is set to begin managing the plan in April 2021.

How many participants are in Western Dental's 401(k) plan?

The 401(k) plan serves approximately 6,000 eligible participants.

How much does Western Dental's 401(k) plan manage in assets?

The plan manages $95 million in assets under administration.