Voya Financial, Inc. has announced a new strategic relationship with student loan benefit technology provider Vault.
According to a press release, Voya will offer Vault’s platform as an optional service to its workplace clients, supporting the company’s broader focus and efforts to address the financial wellness needs of Americans.
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 non-elective contribution into an employee’s qualified retirement plan.
Employers also have access to Splash Financial, an industry-leading student loan-refinancing platform that saves employees money through low rates.
The new capabilities build on Voya’s existing digital retirement planning services, including its financial wellness offering and innovative myOrangeMoney® online.
