Voya Financial has accumulated more than $90 billion across the different types of pooled retirement plans it serves as record keeper, said a news release Oct. 12.
Voya declined to disclose how much of the $90 billion was in pooled employer plans and multiple employer plans and how many PEPs and MEPs it serves.
However ,Voya noted that it serves 17,000 employers and 1.8 million participants through pooled retirement plan arrangements.
Voya said demand among employers for pooled plans has been growing, with 50 such plans established in the past 18 month.
In July, for example, it was named record keeper for the nation's first 403(b) pooled employer plan, which went live Aug. 1 for non-profits, health care-related entities and other organizations that prior to the passage of the Secure 2.0 Act in December were not allowed to participate in pooled employer plans.
Ginger Brennan, head of ABA Retirement Funds and multiple employer solutions at Voya, touted the company's leadership in the pooled plan business, saying it is the record keeper for one of the oldest multiple employer plans in the market.
"We believe the market has significant room for growth and as a result, we are increasing our focus to have dedicated employees to this growing segment," she said in an email.
