WINDSOR, Connecticut – (BUSINESS WIRE) – October 22, 2021–
Voya Financial, Inc. (NYSE: VOYA), today announced that it has been selected as the New Health Savings Account (HSA) Provider for the ABA Retirement Fund Program (the Program), a full retirement offer to organizations in the legal community. created almost 60 years ago. The new Voya HSA administration solution is available to all program clients as of October 1, 2021. In addition to the new HSA offering, the program has remained a long-term client of Voya’s retirement savings offerings, which today administers services to nearly 37,000 participants whose collective assets total more than 7.5 billion dollars.
“One of our primary goals through the program is to provide plan members with holistic financial solutions, and the HSA solution is a continuation of that goal,” said Scarlett Ungurean, Executive Director of ABA Retirement Funds (ABA RF). “As a long-term customer of Voya’s retirement savings offerings, we also see tremendous value in the integrated solution to offer the HSA solution as well as the program’s 401 (k) plans as a way to help people to manage both in the short term and in the longer term. term health expenses, which is one of the main concerns of plan members.
HSAs have grown in popularity in recent years to help pay for eligible medical expenses now and in retirement. According to industry research, despite the pandemic, the average balance of HSAs that received either a salary contribution or an employer contribution increased by more than 50% in 2020. 1
“As employees increasingly look to their employers to help them improve the financial well-being of their households, we believe that HSAs are a powerful vehicle for savings and spending that lie within the intersection of the health and wealth needs of today’s individuals, ”added Nate Black. , Vice President, Consumer Health Driven Product, Voya Financial. “At Voya, we’ve researched the convergence of health and wealth in the workplace and found that 77% of employers are interested in integrated solutions for health and wealth. 2 As the workplace continues to grow in importance in helping Americans meet their health and wealth needs, we look forward to working with our plan sponsors, including those in the program, to help their plan members. to achieve their financial well-being goals with confidence.
“We look forward to developing our valuable and long-standing relationship with ABA RF and all program participants,” said Bill Harmon, Director of Client Services at Voya Financial. “Voya’s two wealth management and health solutions businesses play a critical role in providing valuable solutions to help individuals achieve overall financial well-being, and we are delighted to be able to help the thousands of promoters of Voya. program plans and their participants in their work to achieve a secure financial future.
Since its inception, the program, established by the American Bar Association, has been committed to providing a solution to help all legal professionals achieve retirement security.
Voya is uniquely positioned in the market to meet the health and wealth needs of employers of all sizes and in all segments, including large and complex 401 (k) plans. As an industry leader focused on delivering healthcare, wealth and investment solutions in and through the workplace, Voya Financial is committed to fulfilling its mission of making possible a secure financial future for all. Americans – one person, one family, one institution at a time.
1. Social Benefits Research Institute, “Health Savings Account Balances, Contributions, Distributions, and Other Vital Statistics: Evidence from the EBRI HSA Database” (October 2021).
2. Voya study conducted with McKinsey (2021).
Health savings accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Childcare services provided by WEX Inc.
About Voya Financial ®
Voya Financial, Inc. (NYSE: VOYA), provides healthcare, wealth management and investment solutions that empower its approximately 14.8 million residential, professional and institutional clients to achieve their wellness goals financial with confidence. With the vision to be America’s Retirement Company®, Voya’s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company with 2020 revenue of $ 7.6 billion and total assets under management and administration of $ 721 billion as of June 30, 2021. Certified “Great Place to Work” by the Great Place to Work® Institute, Voya is also committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the World’s Most Ethical Companies® by the Ethisphere Institute; as a financial services company ranked # 1 in Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender-Equality Index; and as “Best Workplace for Inclusion of People with Disabilities” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Trip.
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SOURCE: Voya Financial, Inc.
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PUB: 10/22/2021 9:00 a.m. / DISC: 10/22/2021 9:02 a.m.
Copyright Business Wire 2021.