WINDSOR, Conn.--(BUSINESS WIRE)--
Voya Financial, Inc. (NYSE: VOYA), a leading provider of workplace
retirement plans, is celebrating a milestone year today for the 401(k)
industry. Forty years ago, on Nov. 6, 1978, the section of U.S. tax law
that established the 401(k) plan was signed into law — helping to
transform the way Americans prepare for retirement.
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In honor of the 401(k) milestone "Birthday" occasion, Voya leaders gathered at the New York Stock Exchange for the opening bell-ringing on Nov. 6, 2018. (Photo: Business Wire)
“At Voya, we have been proudly supporting customers with their
retirement goals for decades,” said Charlie Nelson, CEO of Retirement
and Employee Benefits at Voya Financial. “Since they were created 40
years ago, 401(k) plans have evolved from a supplemental program to
become a primary way that individuals and families save for their
future. As we take a moment to celebrate the strong foundation and
accomplishments of the system, let’s also recognize the opportunities we
have to help even more employers and workers take advantage of important
401(k) benefits.”
Recent information from the Department of Labor shows that 401(k) plans
cover more than 65 million workers, represent $4.4 trillion in savings
and support upwards of $385 billion each year in retiree needs — that’s
up from 7.5 million participants and $92 billion of savings in 1984,
according to the department’s earliest available data.1
Today, 401(k) plans have become one of the most prevalent and convenient
employee benefit programs offered at the workplace. In addition to
allowing individuals to save directly from their paycheck on a
tax-deferred basis, many employers also offer matching incentives to
one’s contributions, further enhancing the attractiveness of these plans.
Over the years, numerous design features, investment solutions and
support services have been introduced to encourage greater saving and
positive outcomes. Innovations have included the development of
communication and education programs, call centers, advisory services,
online account management and the integration of mobile and digital
capabilities.
In honor of this occasion, Voya hosted a roundtable event with clients,
plan advisors, consultants and key industry leaders at the New
York Stock Exchange to celebrate the history and accomplishments of
the 401(k) and to discuss opportunities for the future.
“Building on the strong 40-year foundation, the 401(k) is poised to
create an even greater impact going forward,” added Nelson. “Let’s move
ahead with the same energy, passion and commitment as we continue to
support Americans on their important journey to and through retirement.”
1. Department of Labor, Private Pension Plan Bulletin Historical Tables
and Graphs 1975–2015 (February 2018), page 25. (Data does not include
nonprofit and public-sector defined contribution plans).
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 14.3 million individual and
institutional customers in the United States, Voya is a Fortune 500
company that had $8.6 billion in revenue in 2017. The company had $543
billion in total assets under management and administration as of
September 30, 2018. 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 one of the 2018 World’s Most
Ethical Companies® by the Ethisphere Institute; one of the
2018 World’s Most Admired Companies by Fortune magazine; 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.
VOYA-IR
View source version on businesswire.com:
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Media:
Joe Loparco
Voya Financial
Office: (860)
580-2677
Cell: (860) 462-6525
Joseph.Loparco@voya.com
or
Laura
Maulucci
Voya Financial
Office: (860) 580-1278
Cell:
(508) 353-6913
Laura.Maulucci@voya.com
Source: Voya Financial, Inc.