Voya expands nonqualified deferred compensation offering with new ‘Business-ready’ solution for smaller-sized businesses
New solution, designed for small businesses, will build upon Voya’s prior success in the market as its NQDC plan growth more than doubled in 2023
“At Voya, we continue to see a growing interest in our executive benefit solutions — so much so that in 2023 we saw a 117% increase in total plans sold in Voya’s NQDC offerings over the prior year1,” said
Business-ready is available to any size 409A (for-profit) company but has been designed specifically for smaller-size employers, including those with less than 400 employees. The new solution brings forward the expertise and experience of Voya’s Non-Qualified Markets team, while providing many of the core benefits of a more customized solution, including several differentiating features. These include:
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pre-built investment lineup: Offering 21 unique asset categories, including equities, fixed income (i.e. short-/intermediate-term bonds, high yield, global) and alternatives (such as real estate) managed by
Voya Investment Management . With access to more funds and fund manager support — including access to different target-dates series — participants are offered diversification without an overwhelming number of options. - Easy implementation and administration: Providing more-streamlined plan design choices and funding options. This includes mutual funds and corporate-owned life insurance, as well as faster implementation and ongoing plan management tailored to employers on the smaller end of the market.
- Less complexity: With a focus on providing easier plan management for both employers and their participants, Business-ready offers the core attributes that make a NQDC plan effective for participants without the complexities of a larger custom plan, including flexible contribution and distribution schedules.
As the holistic wellness needs of Americans continue to evolve, innovative compensation benefits are becoming an increasingly important way for employers to attract and reward leadership talent within an organization. As a result, more employers are looking to include NQDC, or executive benefit solutions, into their overall benefit offering; according to industry data, a majority (89%) of employers today offer NQDC plans to stay competitive with their benefits packages.2
“Many executives face unique challenges saving for retirement due to contribution limits of a traditional retirement savings plan,” added
Voya has been able to further its innovative, nonqualified compensation executive benefit solution along with its leading qualified plan administration services through an integrated experience that helps advance greater financial security for all participants. Most recently, the firm added Voya Investment Management’s
As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
1. Voya internal data as of
2. PlanAdviser, “Small and Medium Businesses Driving NQDC Plan Growth,” (
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