Framework, the mutual-fund based retirement program by Voya Financial, is now available to plan sponsors across all full-service retirement plan markets served by the firm. These include sponsors servicing 403(b) and 457(b) qualified retirement plans for government, health care, non-profit and higher education employers, as well as those running non-qualified plans.
The program offers recordkeeping services and an open-architecture design providing access to investment options from more than 250 best-in-class fund families. These include active and passive target-date funds (TDFs) managed by Voya Investment Management. The firm says an open platform also offers the ability to work with nearly any fund traded through the National Securities Clearing Corporation (NSCC).
Framework also offers optional features including access to third-party services that manage 3(21) and 3(38) investment fiduciary responsibilities. These services are becoming ever more important as portions of the Department of Labor’s Fiduciary Rule undergo implementation.
“We want to make it easier for our partners to work with Voya as they grow their business and demonstrate value to clients” says Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. “While every sponsor has different needs and goals for their benefits programs, one constant is the opportunity to increase access to workplace savings plans and to improve individual savings rates through flexible, comprehensive solutions. Extending our Framework product from the 401(k) space to all workplace retirement plan markets is a way to partner more closely with plan advisers and third-party administrators as we work toward these objectives. This is also an example of how Voya is bringing its strategic business investments to life through products and services that simplify the process for our clients and partners, and provide a more seamless, end-to-end experience for our customers.”
Voya’s Framework specifically is designed to support plans that have between $1 million to $75 million in plan assets.
For more information, visit Voya.com.