Voya Financial expands access to retirement income solutions with addition of BlackRock’s LifePath Paycheck®

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today the addition of BlackRock’s LifePath Paycheck® solution to its recordkeeping platform—with initial availability to qualifying plans.

This innovative product provides eligible retirement plan participants the option to convert a portion of their savings into a guaranteed lifetime income stream—delivered by insurers chosen by BlackRock—helping individuals approach retirement with greater confidence and financial security. This expansion reflects Voya’s ongoing commitment to deliver a broad suite of retirement income solutions that meet the evolving needs of plan sponsors and their participants.

“One of the top concerns we hear from clients is the fear that participants will outlive their retirement savings,” said Amy Vaillancourt, president, Retirement at Voya Financial. “Our research has found 75% of working Americans strongly agree or agree that they worry about outliving their savings.¹ We’re helping address this concern and advance our strategy to provide access to innovative solutions that support successful retirements.”

Since its launch in April 2024, LifePath Paycheck is now available through employer-sponsored plans reaching more than 350,000 U.S. workers and representing over $22 billion in assets under management.

“Helping people achieve better retirement outcomes is BlackRock’s core business,” said Rob Crothers, head of Defined Contribution Product and Platform at BlackRock. “Since pioneering the first target date fund over thirty years ago, we continue to develop innovative solutions that seek to enhance retirement security for American workers. LifePath Paycheck provides the choice to receive a predictable, guaranteed income stream throughout retirement and we’re excited to be working alongside Voya to deliver client-focused solutions.”

Plan sponsors who choose to add LifePath Paycheck to their plan menu will also have access to BlackRock’s MyLifePath® digital experience for their plan participants via the Voya platform. MyLifePath accompanies the LifePath Paycheck investment solution, offering participants education and tools to help them achieve their retirement goals. It is designed to educate participants about LifePath Paycheck, help them estimate the retirement income they may be able to achieve from their investment, and support their application and purchase of the optional lifetime income stream from the insurers selected by BlackRock.

Voya is committed to addressing the growing demand for retirement income solutions. Its strategy integrates recordkeeping, investments, technology, communications, and wealth and risk management tools to help best serve participants nearing or in retirement.“At Voya, we’ve built a comprehensive approach to retirement income—spanning education, guidance, and both guaranteed and non-guaranteed income options,” said Vaillancourt. “Adding LifePath Paycheck is another meaningful step in helping individuals retire with greater confidence and flexibility.”

1. Source: Voya Financial Consumer Insights & Research survey conducted between Jan 23-24, 2025, among n=500 Americans age 18+ who are full-time employees and actively contributing to their employer-sponsored retirement plan balanced by age and gender to reflect the U.S. population.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for approximately 15.7 million individual, workplace and institutional clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer-centricity, integrity, accountability, agility and inclusivity. Together we fight for everyone's opportunity for a better financial future. For more information, visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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