Voya Financial

Voya Financial: retirement, workplace benefits and investment management

Voya Financial is a financial services company that centers its activity around retirement, workplace benefits and investment management. According to its own presentation, it serves more than 10 million plan participants and approximately 45,000 employers in the United States, and maintains around 18 million customer relationships. The company defines itself as a leading player in the sector and positions its offering around helping people manage the financial benefits available through their employer.

Retirement plans and individual accounts

The company offers 401(k), 403(b) and 457 retirement savings plans, whose availability depends on the type of employer: 401(k)s are typically offered by for-profit companies, 403(b)s are common in nonprofit organizations and educational institutions, and 457s are used by public employers and some nonprofit entities. For self-employed workers and small businesses, Voya offers SEP IRAs and SIMPLE IRAs, as well as multiple employer plans or pooled employer plans (MEP or PEP). It also facilitates 401(k)-to-IRA rollovers for eligible balances from former employers' plans, a process in which the company notes that early distribution tax penalties may apply and recommends evaluating differences in costs and terms before moving assets.

Workplace benefits and insurance

In the area of employee benefits, Voya offers group term life insurance, short- and long-term disability insurance, supplemental health insurance and leave management services. These supplemental insurance products, also called voluntary, are designed to cover out-of-pocket expenses after a covered accident, illness or hospitalization, and pay benefits directly to the insured. The company states that they are usually purchased at the workplace during the open enrollment period and that employees can keep them if they change jobs, paying the insurer directly. Voya also offers health savings accounts (HSAs), tax-advantaged accounts for medical expenses whose unused funds roll over from year to year, available to individuals enrolled in an eligible high-deductible health plan through their employer.

Digital platforms and personalized guidance

The company integrates its solutions into digital experiences such as myVoyage, a platform that combines personalized guidance and data to help users coordinate their workplace benefits and finances. According to available information, myVoyage allows users to manage retirement planning, check an HSA balance, understand insurance coverage, set and track goals such as saving for college or paying off debt, and access educational resources. For employers, Voya offers tools such as myBenefitsHub and Employer Gateway, aimed at simplifying administration and improving the employee experience. The company also offers claims management services through Voya Claims 360, a digital experience for supplemental health insurance.

Investment management

Voya Investment Management provides investment solutions for institutional investors, retirement plans, insurance companies, health plan providers and financial advisors. Its strategies span public and private fixed income, equities, multi-asset solutions and alternatives. The firm also serves as a Defined Contribution Investment Only (DCIO) provider. As of the end of 2025, Voya's assets under management and administration exceeded $1 trillion, according to the company's own data.

Relationship with advisors and employers

Voya works with financial advisors, brokers and consultants, and explicitly states that its commitment is to win business for advisors, not to compete with them for clients. For financial professionals, it offers a wealth management platform, business development support, practice management resources and support for transitions to independence. Advisors can access Voya's full range of retirement and benefits solutions to recommend integrated solutions to their employer clients. The company also collaborates with employers, plan sponsors and institutional investors in the delivery of workplace benefits, benefits administration, retirement plans and investment management.

Presence and business segments

Voya's activity is structured into four segments: Investment Management, Workplace Solutions, Retirement and Employee Benefits. The company operates in the United States and, according to its data, serves approximately 6.8 million individuals through the workplace. For small businesses, it offers retirement plans including 401(k)s, SIMPLE IRAs, SEP IRAs and MEP or PEP plans, and facilitates switching 401(k) providers with plan design, recordkeeping and participant education services during the transition.