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Press Release Voya's Charlie Nelson Joins Board of Defined Contribution Alternatives Association |
Issued by Voya Financial Oct. 9, 2019 |
NEW YORK, OCTOBER 7, 2019 -- Voya Financial, Inc. (NYSE: VOYA), announced today that Charlie Nelson, chief executive officer of Retirement and Employee Benefits at Voya Financial, is being appointed to the board of directors of the Defined Contribution Alternatives Association (DCALTA), a nonprofit organization that provides education about the benefits of including alternative investments within a defined contribution framework. “I’m excited to join the board of DCALTA and to work with my industry colleagues to advocate for solutions that can benefit Americans’ investment needs,” said Nelson. “Over the past 20-plus years, the roughly 50% decline in the number of public companies in the U.S. /1/ has limited the investment opportunities for long-term savers who, in the past, may have relied on public equity markets to generate returns to help them achieve their retirement goals. At the same time, an increasing level of wealth is being derived in investment opportunities in the growing private markets. “Alternative investments are included in other retirement programs internationally, but in the U.S., our legislation and regulations have not caught up to industry capabilities that could provide Americans with greater access to utilize alternatives in defined contribution plans. As a result, U.S. retirement plan participants who have no or limited access to private markets are missing investment opportunities available to larger investors. There is a wide range of these alternative investments covering various asset classes, risk levels and other characteristics that could benefit defined contribution participants. We believe that, with the right framework and investment vehicles, access to these alternative solutions within workplace savings plans could help Americans achieve their long-term retirement goals,” added Nelson. On Sept. 24, 2019, Voya joined DCALTA in submitting a comment letter to the U.S. Securities and Exchange Commission (SEC) regarding the Concept Release on the Harmonization of Securities Offering Exemptions. In its letter, Voya encouraged the commission to consider modifying the definition of “accredited investor” under Rule 501(a)(1) under the Securities Act of 1933 to make private offerings more readily available to retirement plan participants who benefit from fiduciary oversight under ERISA or a similar state or federal fiduciary standard. “I’m pleased to welcome Charlie to the DCALTA board of directors,” said Jonathan Epstein, founder and president, DCALTA. “We have a diverse board with representation from both recordkeepers and asset managers that have both the experience and insights that can help us advance the important work of providing greater access to private-market investment opportunities. I’m grateful to Charlie and Voya for helping us to advocate for this important topic. We look forward to continuing the dialogue and engaging with the industry and regulators to ensure we can bring more investment opportunities to defined contribution plans.” About Voya Financial® About DCALTA /1/ Center for Research in Security Prices at the University of Chicago’s Booth School of Business BL:hh |
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