WINDSOR, Conn., July 13, 2016 /PRNewswire/ -- Voya
Financial, Inc. (NYSE: VOYA), announced today that it has earned
the business of four private education institutions and will serve
as the new recordkeeper for their individual retirement plans. The
plans, when combined, represent more than $71 million in transferrable assets and
approximately 1,200 participating members. Already a top provider
in the public education space1, these new business
opportunities highlight Voya's ongoing focus and commitment to
serving plan sponsors and their educators in the private higher
education and independent K-12 school markets.
Specific details on each of the four sponsors and their
retirement plans include the following:
- University of Rio Grande
(Rio Grande, Ohio) – The private
higher education university selected Voya as the new service
provider for its University of Rio
Grande 401(k) Plan. The defined contribution plan consists
of approximately $10 million in
transferrable assets and more than 170 participants. The plan
transitioned to Voya's administrative platform April 1, 2016. The consultant Nyhart Actuary and
Employee Benefits assisted in the search.
- Texas Wesleyan University
(Forth Worth, Texas) – The private
higher education university selected Voya as the new service
provider for its Texas Wesleyan 403(b)
and 401(a) Plans. The two retirement savings plans consist of
approximately $25 million in
transferrable assets and nearly 500 participants. The plans
transitioned to Voya's administrative platform May 11, 2016.
- The Episcopal School of Dallas (Dallas,
Texas) – The independent K-12 school selected Voya as the
new service provider for its Episcopal School of Dallas 403(b) Plan. The defined contribution
plan consists of approximately $32
million in transferrable assets and more than 450
participants, which includes both active and inactive members. The
plan transitioned to Voya's administrative platform June 1, 2016. The Episcopal School of
Dallas selected Voya after more
than 30 years with its former provider. The consultant PlanPilot
assisted in the search.
- Shulamith School for
Girls (Brooklyn, New York) –
The independent K-12 school selected Voya as the new service
provider for its Shulamith School
403(b) Plan. The defined contribution plan consists of
approximately $4.2 million in
transferrable assets and 75 participants, which includes both
active and inactive members. The plan transitioned to Voya's
administrative platform June 17,
2016.
"We are extremely pleased to add these well-regarded
institutions to our growing list of private university and
independent school clients," said Heather
Lavallee, president of Tax-Exempt Markets at Voya Financial.
"Voya has a long history of serving the academic community and
helping educators and employees prepare for their retirement. We
have recently made investments to expand our team and capabilities
to better serve the private education market. These new
partnerships demonstrate the momentum we are building and our
ability to work with all types of sponsors — regardless of their
geographic location, plan size and unique goals."
As part of Voya's commitment to advancing the retirement
readiness of Americans, Voya will provide administrative and
recordkeeping services for each of the sponsor's retirement plan
programs, as well as a variety of decision-making and planning
tools. These resources include Voya's enhanced participant website,
which features the award-winning myOrangeMoney®
retirement income planning capability. Voya will also provide
on-site support to participants through its team of local financial
advisors, in addition to communication and education programs
designed to engage and motivate plan members to save. Participants
will also have access to a wide range of investment options to help
grow their retirement savings.
"Following a thorough national search, our employee
representatives were unanimous and enthusiastic about choosing
Voya," said Robert Buchholz, chief
financial officer at The Episcopal School of Dallas. "The
transition from our previous recordkeeper to Voya has been
effortless, and we are proud to be with a brand that is a
commanding force in the market."
"We assisted The Episcopal School of Dallas with the core fiduciary responsibility
of reviewing their recordkeeper's services and fees," said
Mark Olsen, managing director at
PlanPilot. "Through this process, it was evident that Voya's
approach — especially in the area of participant education — would
lead to superior investment decision-making and increased deferrals
for participants. Ultimately, this will lead to participants being
better positioned for retirement."
As an industry leader and advocate for greater retirement
readiness, Voya Financial is committed to delivering on its vision
to be America's Retirement CompanyTM and its mission to
make a secure financial future possible — one person, one family,
one institution at a time.
Media Contact:
Bill
Sutton
Voya Financial
Office: (860) 580-2626
Cell: (315) 373-9685
William.Sutton@voya.com
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 2015. The company had
$458 billion in total assets under
management and administration as of March
31, 2016. 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™. 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 2016 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. Follow Voya Financial on
Facebook and Twitter @Voya.
1) Voya Financial ranked as a top 3 provider in K-12 Education
and top 4 provider in the Higher Education markets according to
LIMRA Quarterly Not-for-Profit Sales (NFP) and Assets Survey of 28
companies, based on assets as of Dec. 31,
2015, with total NFP and Government rankings based on
AUM/AUA and all other rankings based on AUM.
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SOURCE Voya Financial, Inc.