We are a leading provider of retirement solutions in the United States. Our distribution footprint is broad with approximately 2,200 affiliated representatives, thousands of non-affiliated advisors, agents, and third party administrators, and institutional sales teams.

Our Retirement segment is focused on meeting the needs of individuals in preparing for and sustaining a secure retirement through employer-sponsored retirement plans and services, as well as through individual account rollover plans and comprehensive financial product offerings and advisory services. Our Retirement segment is well positioned in the marketplace, with our industry-leading Institutional Retirement Plans channel and our growing Retail Wealth Management channel.

FY’20 Retirement Normalized Adjusted Operating Earnings before Income Taxes of $569mm1

Bar Chart - Retirement Pre-Tax Operating Earnings

Objective: Improve returns by re-pricing our Institutional Retirement Plans and capitalizing on our access to plan participants by developing long-term relationships and providing individual retail solutions.

Performance dashboard:

Bar Chart - Retirement Pre-Tax Operating Earnings

1. Note: Pre-tax. Excludes Normalized Adjusted Operating Earnings attributable to Corporate, all unlocking of DAC/VOBA and, prepayment fees and alternative income above/(below) long term expectations. Normalized Adjusted Operating Earnings is a non-GAAP financial measure. Information regarding this non-GAAP financial measure, and a reconciliation to most comparable U.S. GAAP measure, is provided in the “Reconciliations” section of the Quarterly Investor Supplement.

Institutional Retirement Plans


Service Model
Key Market Segments/
Product Lines
Primary Defined Contribution Plan Tax Code Core Products
Full Service Plans Small-Mid Corporate

K-12 Education
Higher Education

Healthcare & Other Non-Profits

Government (local and state) 





Voya MAP Select, Voya Framewor(k)

Voya Custom Choice II 
Voya Retirement Choice II,
Voya Retirement Plus II
Voya Retirement Choice II,
Voya Retirement Plus II
RetireFlex-SA, RetireFlex-MF, Voya Health Reserve Account
and Stable Value
Small-Mid Corporate
Large Corporate
Government (local and state)

Stable Value
(Sold across all market segments with a strong focus on Large Corporate)

Separate Account and
Synthetic GICs 

*Offerings include administration services and investment options such as mutual funds, commingled trusts and separate accounts.


  • Unaffiliated distribution:

    • Independent representatives: We work with sales agents who primarily sell fixed annuity products in the education market

    • Independent producers: Wirehouse and independent producers are the primary distributors of our small-mid corporate market products (full service and recordkeeping only), but they also distribute products to the education, healthcare and government markets

    • Third-party administrators (TPAs): TPAs are selling and/or service partners for our small-mid corporate markets business (full service only), working with a variety of vendors.

  • Affiliated distribution:

    • Affiliated representatives: Over 2,200 affiliated representatives

    • Direct sold by field force: Our wholesale team also interacts directly with plan sponsors in the education, healthcare and government markets. Typically, our field force interacts with a consultant hired by the plan sponsor. In order to present our offerings to these large clients, we work with various consultants focused on these markets.

    • Direct sold by dedicated Voya sales teams: We have dedicated sales teams that work directly with large plan corporate market, stable value and pension risk transfer clients. The stable value investment only business and pension risk transfer solutions can occur in either recordkeeping only plans or within other vendors’ plans. In the large corporate market and for our stable value products, the majority of our direct interaction typically occurs with consulting firms focused on this market.

  • RaNkings:

    • #4 by number of Plans1

    • #5 by number of Participants1

    • #6 by total Assets1

    • >50,000 DC Plans

    • ~5.4 million Participant Accounts


1. Rankings based on Pensions and Investments DC Recordkeeping Survey as of September 30, 2018.

Retail Wealth Management:

Our Retail Wealth Management channel offers simple, easy-to-understand products, along with holistic advice and guidance delivered through affiliated brokers and by online capabilities. Our current investment solutions include advisory programs, mutual fund custodial IRAs, fixed annuities and brokerage accounts.


Retail Wealth Management products are primarily sold through representatives affiliated with our Voya Financial Partners broker dealer. The affiliated representatives are grouped into two primary categories: affiliated field-based representatives and home office phone-based representatives.