Voya Launches New Program to Boost Retirement Savings for Minority-Owned Businesses

Voya Financial, Inc. (NYSE: VOYA), announced today a first-of-its-kind program to support greater retirement planning opportunities for minority, women, veteran, disability, and LGBTQ-owned businesses — along with nonprofit organizations that serve them. The Just Right Advantage Program is focused on helping employers and organizations within undercapitalized, underserved and “under-saved” communities by offering a fee credit when they establish or retain their retirement plan. In helping to support the employees within these businesses to become better prepared for retirement, the new program further expands on Voya’s recent efforts to help Americans address the financial challenges of COVID-19.

“We believe that this is an important time to support the businesses and communities that have been most heavily impacted by COVID-19, including those owned by minorities and other underserved communities,” said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. “The financial challenges brought on by the pandemic were exacerbated for many of the businesses within these communities due to forced closures and lack of access to relief funds. As part of our aspiration to be America’s Retirement Company, we commit to working together with employers and individuals to advance everyone’s opportunity for a better financial future. This is just one example of how we can do our part – and help demonstrate that Voya stands for diversity, equity and inclusion for all.”

The Just Right Advantage program comes at a time when a majority (79%) of Americans agree it is important that corporations do all they can to help minority-owned businesses that have been impacted by COVID-19.¹ Even more individuals (88%) agree it’s important that all employees who work for minority-owned businesses be provided with opportunities for a secure retirement, according to new research from Voya.² And while the impacts of the pandemic have affected many businesses across the U.S., further industry research shows that minority-, women-, veteran-, disability- and LGBTQ-owned companies and their employees have seen some of the greatest effects. As an example, findings from a recent study through The Federal Reserve Bank of New York found that almost half (41%) of Black-owned businesses and roughly 32% of Latinx-owned businesses across the country shut down between February and April.³ To put this in perspective, only 17% of white-owned businesses closed during the same period.⁴ According to the study, some of the primary reasons for these disparities included less access to capital, including the federal Paycheck Protection Program loans, and funding gaps that existed prior to the pandemic, which were only intensified by COVID-19.