Voya Financial Inc. announced a strategic relationship with Vault, a student loan benefit technology provider, to offer its platform as an optional service to Voya workplace clients.
The Vault platform provides employers with three core offerings that can be made available to employees, including:
- Vault Advisor, which provides analysis and guidance on how to best deal with existing loans;
- Vault Pay, which allows employers to directly pay down student loan debt for their employees; and
- Vault Match, which allows employers to match student loan debt payments and make a nonelective contribution into an employee’s qualified retirement plan.
Employers also have access to Splash Financial, a student loan-refinancing platform that saves employees money through low rates.
“Our research has found that 96% of individuals with student loan debt would be likely or very likely to save more for retirement if they felt like they had their student debt under control,” says Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial. “For many Americans, student debt—for themselves, a spouse or a child—has increasingly become a major roadblock to saving for their future. We’re thrilled to offer a solution that aligns with our commitment to providing holistic wellness solutions that can help our plan participants achieve greater security in retirement.”