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View More Press Releases by Voya Financial

Press Release

Voya Financial Becomes Largest Retirement Plan Provider in the Government Market

Issued by Voya Financial

Jan. 26, 2021

30 new government plan wins in 2020 help drive Voya’s growing Retirement business to become largest serving the 457/401(a) market measured by assets

WINDSOR, Conn. -- Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business has achieved a notable milestone — earning the No. 1 ranking in plan assets for the government 457/401(a) market, according to the Secure Retirement Institute® (SRI®) third-quarter 2020 Not-For-Profit Markets survey.1

“We are extremely proud of this achievement and especially grateful to the thousands of government employers that have placed their trust in Voya and our ability to help their plan participants get ready to retire better,” said Heather Lavallee, president of Tax-Exempt Markets for Voya’s Retirement business. “Our ongoing commitment and experience in this market, which dates back more than 40 years when 457(b) plans were first created, enables us to support all types of government clients — from smaller plans with a few million in assets to some of the largest, most complex retirement programs in the country. At Voya, we consider it a great responsibility to help all of our government plan sponsors advance the financial wellness of their plan participants — many of whom are firefighters, police officers, government workers and public servants.”

According to the SRI report, Voya moved to the No. 1 ranking in plan assets during the third quarter of 2020 and is responsible for recordkeeping approximately $121.5 billion in assets for the government 457/401(a) market. This represents more than 80% year-over-year growth in assets compared to Sept. 30, 2019.1 Voya also leads the market in contributions to government 457/401(a) retirement plans — reporting more than $27 billion in contributions year to date as of Sept. 30, 2020.1

“I am extremely proud of Voya’s efforts in supporting our plan sponsors in the government market, especially during these extraordinary times,” said Amy Heyel, SVP and national practice leader of Government Markets for Voya Financial. “The COVID-19 pandemic has put tremendous stress on local governments — both financially and mentally — as they focus on serving their communities. At Voya, we have extensive knowledge and capabilities to help government plan sponsors achieve the financial wellness goals of their retirement programs. Therefore, in the midst of a global health crisis, we couldn’t be prouder to have been selected by 30 new government clients last year to help an additional 348,000 plan participants on their journey to build a secure financial future.”

Voya Financial’s Retirement business serves clients of all sizes and across all sectors, including employers in government and other tax-exempt retirement plan markets. Specifically for the government market, Voya supports over 3,700 government 457/401(a) retirement plans,2 and the average tenure for a government client is more than two decades.3 To learn more, visit voya.com/employers/tax-exempt/government.

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.

1) Secure Retirement Institute® (SRI®) 3Q 2020 Not-For-Profit Markets survey of 23 participating companies, Voya Financial® ranks No.1 in Government 457/401(a) assets as of Sept. 30, 2020. Growth calculated comparing Sept. 30, 2020, vs. Sept. 30, 2019, assets under administration.

2) Voya internal data, as of Sept. 30, 2020.

3) Voya internal data, as of Dec. 31, 2019.

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