OneAmerica Financial sells retirement plan business to Voya
OneAmerica Financial sells retirement plan business to Voya | Insurance Business America
Benefits
OneAmerica Financial sells retirement plan business to Voya
Group to focus on remaining core product lines
Benefits
By
Terry Gangcuangco
Voya Financial is acquiring OneAmerica Financial’s retirement plan business.
According to Voya, the deal will push its wealth solutions defined contribution client assets to $580 billion while expanding its retirement plan count to 60,000 and participant base to 7.9 million.
Voya’s chief executive Heather Lavallee commented: “This announcement is an exciting opportunity to add scale and new capabilities to our wealth solutions business that will help advance our growth strategy by offering workplace benefits and savings solutions to more individuals.”
OneAmerica Financial’s full-service retirement plan business includes a wide range of offerings such as 401(k), 403(b), 457, non-qualified deferred compensation, and employee stock ownership plans.
Scott Davison (pictured), chairman, president, and CEO of OneAmerica Financial, expressed confidence in the deal, saying: “For 60 years, we have been committed to serving the retirement market by helping our customers face every day with greater certainty. Voya is the firm to deliver on that commitment.
“We see this as a great opportunity for our customers and the OneAmerica Financial associates that will continue to grow with Voya, while we will focus on our remaining core product lines where we see tremendous growth potential.”
Meanwhile, according to Rob Grubka, CEO of workplace solutions at Voya, the transaction aligns with the group’s mission of enhancing customer service and satisfaction.
Similarly, Sandy McCarthy, president of retirement services at OneAmerica Financial, added: “Our goal has always been to take our business to the next level to continuously improve our clients’ experiences to better optimize their outcomes.
“Voya shares this vision, and we are excited to see how our customers and associates will benefit in this new chapter.”
The transaction is expected to be completed on January 1, 2025, pending regulatory approvals and closing conditions.
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