Voya Financial, Inc. announced the launch of a new dual Qualified Default Investment Alternative (QDIA), the latest addition to Voya?s suite of advice and guidance solutions, which is now available across Voya?s various managed account programs within Voya-administered retirement plans. Voya?s new dual QDIA provides plan participants with more-personalized retirement investments and broader sophistication for asset allocation through a default option that evolves as participants age and as both their needs and circumstances evolve. The new dual QDIA solution includes a default investment starting as a target-date fund (TDF), which could be a single fund, a TDF series or a set of asset allocation funds.

When participants reach a certain age (generally around age 50), they are automatically transitioned to any of the managed account programs supported by Voya, including the firm?s Advisor Managed Account solutions and additional proprietary offerings. Managed accounts, which are professionally managed investment services, use a plan?s core investment menu to provide pre-retirees with individual investment advice, retirement income planning and payout strategies, and tactics that are more personalized to an individual?s needs. Adopting a dual QDIA and shifting pre-retiree participants from TDFs to a managed account service can offer advantages to both plan sponsors and participants.

While employers can take advantage of the QDIA safe harbor regulations, which include managed accounts, they can at the same time provide their employees with a higher-touch and personalized approach to retirement planning through the managed account offering. Voya?s dual QDIA also provides ERISA 3(21) and 3(38) fiduciary? support, with Voya Retirement Advisors (VRA) serving as the registered investment advisor.

Employees will also be provided with an integrated participant experience, which ? along with the power of VRA registered investment advisors and access to advice and guidance solutions ? can help participants get the support they need when, where and how they want to access it.

The new solution will also be available to intermediaries that currently work with Voya to support their Advisor Managed Account programs. Providing pre-retirees with guidance, advice, planning tools and one-on-one assistance well before their retirement age can help drive better outcomes ? and most individuals agree. According to new Voya research, more than half (56%) of working Americans have said they are ?extremely likely?

or ?likely? to utilize workplace advice services (i.e., managed accounts) to better understand their overall savings picture in 2024. Voya offers a comprehensive suite of in-plan and out-of-plan advice and guidance solutions designed to help employees achieve their financial goals.

Most recently, the firm introduced a new advisory services program providing participants in Voya-administered retirement plans with a broader scope of access to advice services. Along with that, Voya has remained focused on providing products and programs that support financial professionals in helping their clients reach their future goals, which include Voya?s advisor managed accounts advisory program and the launch of myVoyage, a personalized financial-guidance and connected workplace-benefits digital platform. As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all ?

one person, one family, one institution at a time.