Voya strongly supports Securing a Strong Retirement Act

Voya Financial, Inc. (NYSE: VOYA), announced today that it supports — and encourages Congress to pass — the Securing a Strong Retirement Act of 2021 (SECURE 2.0) bill. Voya believes that the legislation, which builds upon the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, could help provide greater access to and further increase retirement plan coverage for individuals.

“We are encouraged to see that ensuring all Americans have the resources they need for a successful retirement is a priority among lawmakers, and we strongly urge Congress to advance the SECURE 2.0 legislation forward,” said Heather Lavallee, CEO of Wealth Solutions for Voya Financial. “As the impact of COVID-19 created even greater challenges for retirement savings opportunities for both individuals and companies alike, we at Voya are in favor of any program that can help increase opportunities for not only greater retirement savings but also plan access. Our research supports this too as 80% of American workers agree or strongly agree the government should prioritize equal access and opportunities to save for retirement for all Americans in 2021.¹”

The new legislation would provide many benefits to both individuals and companies by offering further opportunities to support retirement readiness. Among many benefits, some include requiring automatic enrollment in new retirement plans, increasing the current age for required minimum distributions from one’s retirement plan, providing higher catch-up contribution limits for individuals of a certain age and permitting open multiple employer plans for 403(b) retirement plans.

“As we saw with the overwhelming bipartisan support of SECURE in 2019, this new legislation is something that almost all of us can agree on, and that is the importance of financial security,” said Charlie Nelson, vice chairman and chief growth officer, Voya Financial. “At Voya, we are committed to creating a better financial future for all, and we believe this new legislation can help achieve just that. SECURE 2.0 would provide individuals with greater optionality for their retirement savings needs, which is a priority for Voya as we work with employers of all sizes in the U.S. to address Americans’ health and wealth needs.”