Voya Financial to serve as recordkeeper for first 403(b) Pooled Employer Plan

‘Secure Retirement 403(b) Pooled Employer Plan,’ launched by The Platinum 401k, Inc., follows the passage of the SECURE 2.0 legislation permitting 403(b) PEPs

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today that it will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP). The PEP, launched by The Platinum 401k, Inc., is the first 403(b) program to the market following the SECURE 2.0 legislation released earlier this year, permitting 403(b) plans subject to the Employee Retirement Income Security Act (ERISA) to maintain a PEP.

The launch of this new PEP was created in response to SECURE 2.0 and is designed to provide a pooled plan option specifically to 501(c)(3) nonprofit organizations and healthcare related entities, broadening retirement plan access for employees within these industries.

“We are thrilled to be part of the first 403(b) PEP in the market,” said Brodie Wood, SVP and national practice leader, Healthcare, Education and NFP markets, Voya Financial. “With the combination of PEPs growing in prominence over the past few years and the opportunity to permit 403(b) plans to maintain a PEP, we see even greater opportunities to provide employees within education, health care and other tax-exempt entities with greater access to retirement savings capabilities, and ultimately providing an opportunity for improved outcomes.”

The new PEP, which is focused primarily on distribution through both retirement plan and independent financial advisors, will deliver retirement plan services to clients in collaboration with LeafHouse Financial as the ERISA 3(38) Investment Manager; Plan Compliance Services, Inc., an affiliate of The Platinum 401k, Inc., as the ERISA 3(16) plan administrator and Pooled Plan Provider; and Voya Financial serving as the plan recordkeeper.

“We're delighted to be the first to market with the first 403(b) Pooled Employer Plan,” said Terrance Power, CEO, The Platinum 401k, Inc. “Voya has developed a great reputation as a leading recordkeeper in the pooled employer plan space, in a short period of time since PEPs were first introduced to the market. We are very pleased to have them as the recordkeeper on this program. We anticipate this PEP will focus primarily on existing ERISA 403(b) plans in large charitable organizations and 501(c)(3) medical groups across the country.”

“LeafHouse is honored to serve as the 3(38) Investment Manager for the Secure Retirement 403(b) Pooled Employer Plan,” added Todd Kading, CEO, LeafHouse Financial. “Working together with Voya and The Platinum 401k, Inc., we are providing our combined expertise and fiduciary oversight to the 403(b) market. This program is long overdue, and we are excited about bringing the new solution to nonprofit and healthcare workers.”

As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

About The Platinum 401k, Inc.

The Platinum 401k, Inc., and their affiliates are the retirement plan industry’s most experienced multiple employer and pooled employer plan specialists. CEO Terrance Power, CFP, QPA, AIFA, CRPS has over 30 years of experience working with multiple employer plan clients, professional employer organizations, and associations. They serve as independent plan fiduciaries for over 30 pooled employer plans which cover hundreds of clients in 42 states. Their multiple employer plan/pooled employer plan assets are currently in excess of $500 million.

About LeafHouse Financial

LeafHouse is an experienced, national discretionary investment manager and consultant for the retirement plan industry. LeafHouse specializes in creating investment solutions for retirement plans including investment fiduciary services, manufacturing investment vehicles, managed account programs and enterprise technology solutions. The firm has the organizational strength and technological platform to meet the needs of clients and partners. LeafHouse collaborates with advisors, recordkeepers, investment managers, and administrators to develop creative solutions and build partnerships. The firm aims to modernize technologies, increase communication, and improve data insights for industry leaders to drive change tomorrow. LeafHouse has a vision to transform systems and build new paradigms to make people’s financial lives better.

LeafHouse Financial, The Platinum 401k, Inc., and Voya Financial are all separate entities.

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