Voya Tops $100B In Multiple Employer Assets

Voya Financial Inc. has surpassed $100 billion in assets across its multiple employer solutions, which includes multiple employer plans, pooled employer plans, employer aggregation programs and other customized solutions. The figure marks a 15% increase in total assets compared with the same period last year, as the firm leans into pooled plan offerings.

The announcement comes a few months after Voya announced it was expanding its team with newly created positions aimed at supporting MEP sales growth. These roles are focused on facilitating the development of new solutions and integrating adopting employers into existing ones for both advisers and plan sponsors.

“We see this marketplace continuing to grow, and our experience, breadth, and depth make Voya well-positioned to continue to capture a large share,” said Ginger Brennan, a senior vice president and head of ABA retirement funds and multiple employer solutions at Voya Financial, in a statement.

Voya noted that it has seen growth within its wealth solutions business in part due to pooled plans, with 34% of employer-sponsored defined contribution plans now participating in a multiple employer plan solution.

PEPs are the pooled plan newcomers, having been created by the Setting Every Community Up for Retirement Enhancement Act of 2019.

Last year, Voya announced its role as the recordkeeper for the first 403(b) pooled employer plans, authorized via the SECURE 2.0 Act of 2022. This plan provides a pooled option for IRS-designated 501(c)(3) nonprofit organizations and health-care-related entities, expanding retirement plan access for employees in these sectors.

According to PLANSPONSOR’s 2024 Recordkeeping Survey, Voya Financial has the most assets in pooled employer plans with $2.02 billion, followed by Principal Financial Group with $1.7 billion and Transamerica with $1.58 billion. PLANSPONSOR, like PLANADVISER, is owned by ISS STOXX.

In the multiple employer plan category, Transamerica ranked first with $20.145 billion in assets, ahead of Principal Financial Group at $17.72 billion and Voya at $13.51 billion.

Voya ranked second among recordkeepers by pooled employer or multiple employer 401(k) participants. Principal Financial Group led the ranking with 594,756 participants, followed by Voya Financial with 261,962 and Empower with 248,355.

Voya did not immediately provide a breakdown of the $100 billion in assets. PLANSPONSOR does not track employer aggregation programs and customized solutions that would make up the remainder of the assets.

“We look forward to the opportunities ahead as we continue to focus on executing our strategy and supporting retirement plan sponsors and advisers in guiding employees toward solutions that foster greater outcomes for all,” said Brennan in the announcement.