Voya Extends its Popular Mutual Fund-Based Retirement Program to the Tax-Exempt Markets
WINDSOR, Conn., Sept. 21, 2017 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today that its successful Voya Framework® mutual fund-based retirement offering for small- and mid-sized 401(k) plan sponsors is now available across all full-service retirement plan markets served by Voya. This includes 403(b) and 457(b) qualified retirement plans for government, health care, not-for-profit and higher education employers, as well as non-qualified plans. The Framework product is distinguished by its flexible recordkeeping platform and open-architecture design, providing access to hundreds of fund options from well-known mutual fund families. It also gives plan advisors and third-party administrators who work with Voya a uniform and consistent product experience across multiple plan markets.
"We want to make it easier for our partners to work with Voya as they grow their business and demonstrate value to clients," said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. "While every sponsor has different needs and goals for their benefits programs, one constant is the opportunity to increase access to workplace savings plans and to improve individual savings rates through flexible, comprehensive solutions. Extending our Framework product from the 401(k) space to all workplace retirement plan markets is a way to partner more closely with plan advisors and third-party administrators as we work toward these objectives. This is also an example of how Voya is bringing its strategic business investments to life through products and services that simplify the process for our clients and partners, and provide a more seamless, end-to-end experience for our customers."
Built on a platform to accommodate retirement plans of various sizes, Framework is designed specifically to support those that have between $1 million to $75 million in assets. It provides the flexibility to select from more than 250 best-in-class fund families — including active and passive target-date funds from Voya's own asset manager, Voya Investment Management. An open platform also offers the ability to work with almost any fund traded through the National Securities Clearing Corporation (NSCC).
Beyond flexibility and open architecture, Framework also offers a broad range of optional services and features that have become increasingly popular to plan sponsors and advisors in today's environment. These include access to leading third-party services that manage ERISA 3(21) and 3(38) investment fiduciary responsibilities, an in-plan retirement income solution, advisory and managed-account services, payroll integration capabilities, asset allocation expertise and a self-directed brokerage option.
Voya Financial's Retirement business serves clients of all sizes and across all sectors, including employers in the government, education, health care and other tax-exempt retirement plan markets. 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.
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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 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $517 billion in total assets under management and administration as of June 30, 2017. 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 and has been recognized as one of the 2017 World's Most Ethical Companies® by the Ethisphere Institute, as well as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
Not FDIC/NCUA/NCUSIF Insured • Not a Deposit of a Bank/Credit Union • May Lose Value • Not Bank/Credit Union Guaranteed • Not Insured by Any Federal Government Agency
Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC"). Fixed annuities are issued by VRIAC. VRIAC is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC ("VIPS"). Neither VRIAC nor VIPS engage in the sale or solicitation of securities. If custodial or trust agreements are part of this arrangement, they may be provided by Voya Institutional Trust Company. All companies are members of the Voya family of companies.
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SOURCE Voya Financial, Inc.