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PEPs Will Boost Access to Workplace Plans: Voya

By Crucial Clips     June 4, 2021
The following text is a transcript of a portion of a speaker's presentation made at an industry conference or during an interview. This transcript solely represents the view of the individual who spoke, and not the view of Financial Advisor IQ or any other group.
Source: Ignites, Mar. 11, 2021 

BEAGAN WILCOX VOLZ, ASSOCIATE EDITOR, IGNITES: I'm Beagan Wilcox Volz. I'm associate editor of Ignites. I'm here with Charlie Nelson. Tell me how Voya is approaching the new pooled employer plan market.

CHARLIE NELSON, CHIEF GROWTH OFFICER, VOYA FINANCIAL: Well, we believe that the pooled employer plans — or PEPs, as I think many refer to them — are going to provide greater access to the workforce retirement programs. And in the end, they're a very, very good thing.

At Voya, we're in favor of all programs, whether it's legislative or regulatory, that are designed to really enhance coverage or access and advance savings rates and levels for individuals to address and improve outcomes for retirement savers in America. And we think PEPs, while maybe not for every employer, will be attractive to many employers. And I think it also identifies an important role that advisors can play — and consultants — to assist employers in determining whether it's right for them.

BEAGAN WILCOX VOLZ: Voya has not registered in the pooled employer plan market, is that right?

CHARLIE NELSON: We have not, but we offer a number of — we've been selected to support, as a recordkeeper, a number of pooled employer plans. And actually, it's interesting you ask that, because we actually have a very large footprint in the multiple employer–type plan — the cousin, if you will, the predecessor to the PEPs. We have over $10 billion in assets and, oh, I think well over 300,000 participants and thousands of employers in these plans even before the legislation for PEPs. So we've got a lot of capability and things to be able to support them as well.

BEAGAN WILCOX VOLZ: Thanks for talking with us today, Charlie.

CHARLIE NELSON: Thank you very much for the opportunity.

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Tags:  Regulatory/legal issues , Retirement planning

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