Voya Financial is expanding its Multiple Employer Solutions business with new capabilities as assets approach $200 billion. The expansion will give employers, workers, and advisors greater investment choice and simpler plan administration.
Voya Financial, Inc. (NYSE: VOYA) provides services to several types of institutions via its MES services business. Such institutions may include industrial associations, religious organizations, government agencies, PEOs, and SMBs.
Over the past two years, Voya’s MES portfolio has almost doubled to reach $200 billion in size compared to $100 billion in the 2026 mid-year period. Currently, Voya has become one of the largest providers of such services in the industry.
Growing Demand for Pooled Retirement Plans
Employers increasingly recognize pooled employer plans (PEPs), multiple employer plans (MEPs), and other aggregation programs. These arrangements allow multiple employers to provide workplace retirement benefits together.
Besides, specialized service providers take care of many aspects of day-to-day administration and fiduciary obligations. This way, the employer can take advantage of administrative efficiencies and wider investment choices. Moreover, the employer is able to choose options that best fit their needs.
As of September 30, 2026, Voya’s PEP business reported strong growth. Employer adoption increased over 30%, while employee participation rose more than 50%. Additionally, PEP assets grew over 70% year-over-year.
Allison Dirksen, senior vice president and head of Retirement Distribution at Voya, highlighted employers’ growing interest.
“In our conversations with current and prospective clients, we continue to hear a common theme: employers want simpler ways to offer quality retirement benefits that help more of their employees prepare for the future,” said Allison Dirksen, senior vice president and head of Retirement Distribution at Voya. “That’s fueling interest in solutions that can broaden access to retirement savings, reduce the administrative burden and provide greater flexibility to meet different plan needs.”
New Capabilities Expand Employer and Advisor Choices
In order to cope with this challenge, Voya is making efforts to enhance its retirement platform. Next month, Voya will introduce new PEPs that will have the ability to cater to several investments and fiduciaries. This will offer great flexibility for both plan sponsors and intermediaries to customize the deal. Advisors will be able to maintain their control over investing.
Moreover, Voya will expand its offerings of full-service MEP and PEP recordkeeping products. This move is aimed at targeting middle and emerging markets. Services offered will also include plan document and compliance testing services.
In addition, Voya will incorporate changes that are planned to be made in plans using third-party administrators. Altogether, these changes will help the sponsors who wish to go for third-party administration or the full service by Voya.
Sheila M. McCullough, SVP and Head of Retirement Solutions Client Engagement at Voya, emphasized the company’s commitment.
“At Voya, we believe everyone deserves the opportunity to save and prepare for retirement through their workplace,” said Sheila M. McCullough, SVP and Head of Retirement Solutions Client Engagement at Voya. “Our continued investment in multiple employer solutions helps employers offer more valuable retirement benefits, while giving advisors flexible options to serve clients, deepen relationships, and grow their businesses.”
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Source: Businesswire
