Voya Launches New Program to Boost Retirement Savings for Minority-Owned Businesses - Seite 2

“The effects of the pandemic are sure to have a lasting impact on the economy for everyone, but particularly for minority-, women-, veteran-, disability- and LGBTQ-owned companies, their communities, and the nonprofit organizations that serve them,” said Charlie Nelson, chief executive officer, Retirement and Employee Benefits, Voya Financial. “At Voya, we are committed to making a positive difference in the lives of all Americans, but especially for minority communities, which have been particularly impacted by recent economic challenges due to COVID-19. At a time when both the economic and societal challenges can seem daunting, and as a leading retirement provider in the industry, we believe it is important to both lead and assist. Supporting the businesses within these communities and their employees to become better prepared for retirement is just the right thing to do.”

Voya’s Just Right Advantage program builds on federal and state legislative enactments related to access to capital, business growth and resiliency, savings promotion, and retirement preservation and expansion for employers and organizations in undercapitalized, underserved and under-saved communities. Through June 30, 2021, Voya will offer the one-time fee credit to eligible employers, including minority-women-veteran-disability-LGBTQ-owned businesses, and 501(c)(3) nonprofit organizations. To be eligible, entities must be certified minority-owned businesses, while nonprofit entities must be 501(c)(3). Both new and existing plans must also adopt plan features to help support increased participation and savings. These include: Automatic enrollment to help employees with getting into the retirement plan; automatic increase capabilities to help plan participants increase their savings opportunities; and the implementation of advisory services to help employees stay on track with their goals through ongoing guidance and education.

Ongoing financial education and guidance will also be available to participating employers and their employees in the form of webinars, a web portal available at VoyaJustRightAdvantage.com and through Voya Learn, Voya’s live and on-demand video portal offering access to financial education on a broad range of financial wellness and retirement topics.

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.