Building on its existing financial wellness offerings, Voya Financial has entered into a new strategic relationship with Millennium Trust to provide workplace clients with an emergency savings solution.
The new offering will supplement other actions Voya and its clients are taking to help workers increase emergency savings, including education, guidance and after-tax contributions as an “in-plan” solution within Voya-managed retirement plans, according to the announcement.
The emergency savings solution includes:
- optional automatic saving through payroll deduction, along with a plan sponsor’s ability to make employer contributions to employee emergency savings funds through an employer match or ad hoc contributions;
- enrollment and engagement campaigns to help drive participation;
- an administrative portal and ongoing support from Millennium Trust to help implement and manage the program; and
- ease of access for employees to tap funds when emergency expenses arise, including access via smartphone, computer or tablet.
