Voya Financial, Inc. (NYSE:VOYA), is pleased to recognize the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act by the U.S. Senate today. The bill, which was originally passed by the U.S. House of Representatives on May 23, 2019, has since been updated and included in a larger appropriations bill, which was passed by the House earlier this week. The bill requires signature by the president to become law. As one of the most influential changes to the U.S. retirement industry within the past decade, the SECURE Act will, if signed into law, help address the nation’s retirement crisis by expanding access to workplace retirement plans for millions of full- and part-time workers, particularly small business employees.
“At Voya, we believe that investing in a 401(k) or other workplace retirement savings plan is one of the most effective ways to enable individuals to save for retirement,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial. “Many in the retirement industry — including us at Voya — believe Americans need and would benefit from the SECURE Act as it provides many positive aspects that help those individuals saving in a workplace retirement plan. We are encouraged that Congress has acted to provide these opportunities for millions of working Americans to enable them to achieve greater financial security in retirement, and we are hopeful that the president will sign the bill into law.”
The bill would make a number of changes to support the financial well-being of employers and their workforce. These include providing greater access to lifetime income solutions, making it easier for small businesses to join multiple employer plans, expanding access to workplace plans, and increasing the age for required minimum distributions, leaving more time for individuals to reach their savings goals.
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.
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 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $568 billion in total assets under management and administration as of Sept. 30, 2019. 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®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya 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 2019 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
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