New menu aligns with Voya data finding that 94% of Americans with a retirement plan believe having a long-term view for their investments is important
WINDSOR, Conn.–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today a new, first-of-its-kind “Retiree Menu” for retirement plan participants within the ABA Retirement Funds Program (Program), a member benefit established nearly 60 years ago by the American Bar Association. Voya, as the retirement plan recordkeeper, and the Program worked together to launch a unique experience for plan participants who are nearing or in retirement, providing individuals with custom investment opportunities.
The new Retiree Menu comes at a time when a significant amount (94%) of Americans with a retirement plan believe having a long-term view for their investments is important or extremely important.1 For those individuals in the Program nearing or in retirement, the menu will provide a suite of investment options more aligned with their objectives such as growing their account balance, and protecting their capital.
“Working together with the Program, we look forward to providing this new and first-of-its-kind offering to plan participants. Over the past year, it’s become more apparent than ever that market uncertainty can have an amplified effect on pre-retirees and retirees who might otherwise be concerned about their hard-earned nest egg,” said Ginger Brennan, head of ABA Retirement Program for Voya Financial. “As these challenges remain, innovations such as the Retiree Menu will become increasingly important when it comes to supporting the needs of these workers. Ensuring individuals are well planned — and well invested — can help create a path to a comfortable retirement that is truly aligned to one’s unique goals and investment strategies.”
The Retiree Menu encourages participants to remain within the Program’s retirement savings plan offering, providing access to custom investment solutions to those nearing and in retirement — the same investment options and meaningful tools and resources that they have been accustomed to throughout their working years. These include Voya’s recently launched budgeting tool, myOrangeMoney® interactive, educational participant website and access to the company’s Financial Wellness experience.
As part of the new offering, the menu also includes a “Retiree Toolbox” to help individuals prepare for a more secure financial future in retirement. The toolbox offers tools, as well as resources for the Program participants, including Social Security guidance, a retirement planning guide and additional retirement education. Additionally, individuals will also have access to hands-on support from a financial professional through BeReady Advisor*, providing important advice tailored to their own situation to make informed decisions about one’s retirement.
“As individuals prepare to retire with differing needs and considerations, the ABA Retirement Funds Board of Directors wanted to provide a resource and experience specifically with the retiree in mind,” added Alan Kopit, board president for ABA Retirement Funds. “The launch of the new Retiree Menu allows the Program to provide an added benefit to the already proven size and scale of value offered through a workplace retirement savings plan.”
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.
|1. Results of a Voya Financial survey conducted through Ipsos on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S. (including 455 who own a retirement savings plan such as an IRA or employer-sponsored plan). Research was conducted Nov. 19-20, 2020.|
*Financial professionals are Investment Advisor Representatives of, and offer securities and investment advisory services through, Voya Financial Advisors, Inc. (member SIPC).
Ginger Brennan is a registered representative of Voya Financial Partners, LLC (member SIPC).
ABA Retirement Funds is not affiliated with the Voya family of companies.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020. The company had $700 billion in total assets under management and administration as of Dec. 31, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
About ABA Retirement Funds Program
The ABA Retirement Funds Program offers a fully bundled employer-sponsored retirement plan — Built by Lawyers, Powered by Pros®. For nearly 60 years, the Program has been committed to providing a solution to help all legal professionals achieve retirement security. The Program’s structure allows firms to focus on the success of their practices, while providing the highest level of fiduciary oversight allowable through ERISA, thereby reducing their fiduciary risk. Through purposeful innovation the Program provides an investment platform with a broad array of options that provides choices and flexibility for plan participants, custom designed to meet their unique needs. And, the Program offers all of this at a competitive price to the legal community — whether in a solo practitioner or large firm setting. For more information, please visit abaretirement.com. Follow the ABA Retirement Funds Program on LinkedIn and Twitter @ABARetirement.
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