Voya, better known as Voya Financial, is a U.S. financial, retirement, investment, and insurance company. Voya is based in New York. As a retirement company, they offer 401k plans; we call it Voya 401k here. Voya 401k offers tailored 401k plans with flexible conditions.

What Is Voya?

Voya Financial is a financial services company specializing in the fields of retirement, investments, and insurance. Serving the financial needs of about 13.6 million individual and institutional customers across the U.S., Voya Financial is a Fortune 500 company with revenues of $11 billion in 2016.

The company was previously known as ING U.S., Inc., and changed its name to Voya Financial, Inc. in April 2014. The company’s Wealth Solutions Division serves corporations, educational, health care, other nonprofit and public entities, and institutional and individual clients.

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Is Voya A Good 401k Provider?

Voya 401(K) Plan Review Summary in general, the Voya 401k plan offers users a nice selection of funds from which to construct their portfolios. While the Voya 401k plan offers a few basic funds from which to choose, self-directed brokerage account options give individuals access to more than 13,000 mutual funds, allowing users to customize their portfolios completely. The user interface is very clean and intuitive. The Education & Tools Center provides users with great resources to manage their money, making the Voya 401k Plan a great retirement account. The site is extremely easy to use and allows customers to view historical fund performance, see the portfolio’s performance over various periods, and use different calculators to help their retirement plans.

This network offers personal portfolio management, template portfolio management, financial planning services, and a retirement readiness program. Voya Investment Management provides portfolio management services via standalone managed accounts and wrapped account fees. Voya Investment Management Co. LLC is an affiliate company wholly owned by Voya Investment Management, a registered investment adviser which provides primarily portfolio management services to insurers. The investment company also provides portfolio management services to investment companies, small businesses, pooled investment vehicles, and larger businesses and selects other advisers, including private mutual fund managers.

How To Get A Voya 401k?

Because Voyas’s core business is institutional, individual investors may access Voyas investment strategies only through an intermediary, such as a financial advisor or in a workplace retirement plan. To access any of Voya’s funds or strategy, you must go through an intermediary, be it a financial advisor or through your workplace retirement plan. In addition, the investment firm’s focus on institutional investors means individuals looking to invest in a Voya fund must first find a financial advisor who can assist with their investment.

What Does Voya Financial Do?

Voya Financial has become one of the largest financial services companies in the United States, offering life insurance, annuities, mutual funds, group coverage, and reinsurance. Since its founding, Voya Financial has maintained a strong growth history and financial stability, offering an array of products and services, including life insurance, annuities, IRAs, general investment services, workplace retirement plans, workplace benefits, and college savings plans. While Voya Financial does not sell individual life insurance policies anymore, it is important to know the company has a less-than-stellar reputation for customer service.

Voya Financial sold its individual life insurance unit to Resolution Life Group Holdings in 2019, with the sale closing in 2020. In 2019, VOYA sold off its individual life insurance segment, leaving its retirement, employee benefits, and investment management services intact. Whether you are just starting out or approaching retirement, Voya Financial can help you make good choices for improving your financial well-being across a range of financial topics, including budgeting, protecting against the threat of loss, and planning for retirement. The Bank Deposit Account with insurance from Voya Financial Advisors, a federally insured depository bank deposit program with multiple banks, will be the default cash-sweep option for brokerage and advisory accounts maintained by Pershing, LLC.

How Do I Get My Money From Voya?

Another option when leaving your employer is simply leaving the 401k account as is until you are ready to retire. The first thing to know about cashing in your 401k while you are still employed is that you cannot — not if you are still employed by the company sponsoring your 401k.

Generally, you cannot withdraw from the account prior to your stated retirement age when you are still an active worker. If you retire or are terminated, you may be able to withdraw the money from your account, but, once again, there are penalties for doing this, which should make you think twice. You will not incur any tax penalties for doing this, as you would for a straight cash withdrawal, but you still will need to pay back the money. Suspending will also reduce the temptation to just pull all of your funds and wipe out your retirement savings in the process.

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What Type Of Retirement Account Is Voya?

In this retirement plan, you are responsible solely for your retirement account and choose how you invest and manage your money. Your distributions (the choices (funds) you have made for how to invest your money) are managed through Voya.

New hires are offered guaranteed issue for short-term disability coverage from Voya, and they do not have to submit a proof of insurability (EOI) form if they apply within 31 days of employment. Employees of selected bargaining units who are not participating in California SDI or PORAC are eligible to enroll in this plan. Voya offers its group-based life insurance policies through employers only, so you may be able to obtain a Voya life insurance policy only if your employer has purchased its group benefits with Voya. While VOYA used to offer individual life insurance policies, it now offers only group life insurance and other employee benefits.

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Is Voya A Retirement Plan?

Voya is not a retirement plan. Voya Financial provides retirement products and services for plans in all 50 states and for over 2.6 million public sector workers1. As a top-five retirement plan vendor by plans and enrollees,2 Voya is focused on helping Americans achieve greater retirement preparedness with employer-sponsored savings plans and comprehensive retirement and income guidance. When you work with Voya, you receive support from a dedicated Plan Management Team that helps you define plan goals, establish and execute short-term and long-term roadmaps for improving retirement outcomes

Is Voya A Bank?   

Voya Financial is an American financial service, retirement, investment, and insurance company headquartered in New York, so it is not a bank. Voya Financial Advisors bank deposit account is a multi-bank, federally insured depository banking program underwritten by the Federal Deposit Insurance Corporation (FDIC) that serves as the liquidating cash option. Voya Financial Advisors and Pershing, LLC utilize the following banks for deposited assets under the Voya Financial Advisors insured bank deposit program. Voya provides businesses with a full, highly flexible life, disability, voluntary insurance products, and healthcare savings and expense accounts, covering 6.2 million individuals via their workplaces.

The Bottom Line

It seems that Voya Financial is a good partner for retirement plans, so visit the website and find out if it is something for you as well.

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Clarence Choe