Voya unveils dual QDIA for retirement plan members
Voya Financial has expanded its advisory offerings with the introduction of a new dual qualified default investment alternative for retirement plan participants.
Designed to deliver a more personalized investment strategy for retirement savers within Voya-administered plans, the dual QDIA starts participants off with a target-date fund and transitions them to managed account programs as they approach retirement age, typically around 50.
The transition is automatic and includes access to Voya’s advisor managed account solutions among other proprietary services, addressing the complex financial needs of individuals nearing retirement.
“At Voya, we find that individuals nearing retirement are in need of a more holistic approach that not only supports their unique retirement goals and more-complex investment needs but also ensures that they are prepared to generate a sustainable retirement income stream,” Andre Robinson, senior vice president of retail wealth management and advisory solutions at Voya Financial, said in a statement.
“[W]e believe establishing a dual QDIA – one designed to address both the needs of younger accumulators and near-retirees – can serve the needs of today’s broad and diverse workforces,” Robinson said.
The dual QDIA is designed to offer advantages to both employers and employees. For employers, it aligns with QDIA safe harbor regulations and allows them to offer a more personalized retirement planning service through managed accounts. Employees benefit from a seamless experience that combines the expertise of Voya Retirement Advisors with comprehensive fiduciary support under ERISA sections 3(21) and 3(38), enhancing their retirement preparedness through personalized advice and guidance.
Recent
Read more on investmentnews.com
