Voya Financial will acquire the retirement plan business of financial services company OneAmerica Financial, adding $62 billion in assets to the record keeper's platform.
Voya's wealth solutions retirement plan business will serve 60,000 plans and 7.9 million participants once the deal closes, expected to be on Jan. 1. The deal is pending customary closing conditions and regulatory approvals, a Voya news release said
“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,” said Heather Lavallee, Voya’s CEO, in the news release.
In addition to an upfront purchase price of $50 million, the deal calls for deferred consideration of up to $160 million payable in the second quarter of 2026, according to a presentation on Voya's website.
Voya said the deal would help fortify the number of emerging and mid-market plan sponsor clients it serves. Of the $62 billion in assets moving to Voya, approximately $47 billion are in the emerging and mid-market segments.
The deal would also expand Voya’s already strong position in the large plan sponsor market by adding approximately $15 billion in record-keeping assets.
“OneAmerica’s broad range of retirement capabilities, combined with our existing product suite and digital solutions, provides an opportunity to extend Voya’s reach across all market segments to deliver health, wealth and investment solutions through the workplace and institutions,” said Rob Grubka, CEO of Voya’s workplace solutions business, in the news release.
Voya also touted the deal as a way to broaden capabilities that complement its existing products, including employee stock ownership plan administration.
OneAmerica’s retirement plan business serves 401(k), 403(b), 457, nonqualified deferred compensation and employee stock ownership plans.
