Voya Financial, Inc. has announced several actions it is taking to help Americans address COVID-19 related challenges.
Beginning April 1, and through Sept. 30, 2020, Voya says it will credit back to participants in its defined contribution plans (in each case, if the plan permits the distribution or loan):
- fees associated with coronavirus-related distributions allowed under the CARES Act;
- hardship distribution fees; and
- loan initiation fees.
According to a press release, depending on utilization of the credits, Voya estimates that the program represents a collective savings to individuals of between $10 million and $20 million.
Voya will provide—through Sept. 30, 2020—Americans with free access to a range of online resources (CARES Act materials, FAQs, videos, virtual group meetings), as well as phone access with financial professionals (subject to availability) with Voya Financial Advisors (VFA). The firm explains that this free educational guidance is intended to help individuals understand the CARES Act and the trade-offs involved in choosing among available financial resources. However, VFA will not provide individualized advice under this program. Anyone seeking advice tailored to their own situation can choose to establish a relationship with a paid financial professional, according to the firm.
This education is available to those Americans who do not already work with a financial professional and will be provided in various forms, including group discussions, one-on-one sessions (subject to availability) and by directing individuals to Voya’s online resources.
