Voya Financial Extends Relationship as Service Provider for Nestlé's U.S. Savings Program
WINDSOR, Conn., Feb. 8, 2016 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA) announced today that its Retirement business will continue serving as the benefit services administrator for Nestlé's U.S. employer-sponsored retirement savings plans — the Nestlé Smart$aving Program.
Nestlé USA is part of Swiss-based Nestlé S.A. The company provides consumers with a diverse portfolio of food and beverage products. Voya's relationship with Nestlé USA began in 2003 and has been extended pursuant to a five-year agreement. The Nestlé Smart$aving Program consists of three 401(k) plans and a non-qualified plan with nearly $4 billion in assets under administration and approximately 45,600 participants.
"Voya's innovative solutions and commitment to providing value added services continue to result in high employee satisfaction and engagement with the plan," said Shirley Zabiegala, director of Savings and Retirement for Nestlé USA. "Voya's dedication to helping our workforce become retirement ready is the foundation of our successful partnership, and has led to a participation rate of 92%. We look forward to continuing this relationship as we work together to help our employees achieve their retirement goals."
In support of its commitment to helping all Americans become ready for retirement, Voya will continue to provide Nestlé USA and its employees with industry-leading decision and planning tools, as well as award-winning plan participant communication and financial education programs that inform, engage and encourage positive action. These resources include Voya's newly enhanced participant website, which features the myOrangeMoney® retirement income planning capability. Participants will also have access to in-plan advice through Voya Retirement Advisors. Voya will continue to support portions of Nestlé USA's Stable Value component within the Conservative Income portfolio plan investment option.
"We're thrilled that Nestlé USA has once again placed its confidence in Voya as a trusted service provider for the company's retirement savings plan," said Rich Linton, president of Large Corporate Market and Retail Wealth Management for Retirement at Voya Financial. "This extension is a testament to a partnership spanning more than a decade, and Voya's commitment to exceeding Nestlé USA's high service level and program goals. We look forward to building on this success as we continue to help their employees plan, invest and protect their savings so they can retire better."
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement Company™ and 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 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2014. The company had $450 billion in total assets under management and administration as of September 30, 2015. 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 CompanyTM. The company is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible — Voya has been recognized as one of the World's Most Ethical Companies, by the Ethisphere Institute, and as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com or view the company's 2014 annual report. Follow Voya Financial on Facebook and Twitter @Voya.
SOURCE Voya Financial, Inc.