Voya Financial Expands its Multiple Employer Solutions as Business Nearly Doubles

Multiple Employer Solutions assets nearly doubled over two years, reaching nearly $200 billion as of mid-2026.

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New pooled employer plan capabilities will provide greater investment choice and streamlined administration as MES business approaches $200 billion in assets

WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA) today announced new capabilities that will expand its Multiple Employer Solutions (MES) business, giving employers, workers and advisors more choice and a simpler experience. Voya’s MES business serves a wide range of organizations, including industry associations, faith-based groups, public sector entities, professional employer organizations and small-to-middle market businesses.

Over the past two years, Voya’s MES business has nearly doubled from approximately $100 billion in assets to nearly $200 billion as of mid-2026, positioning Voya as one of the industry’s largest providers of these solutions.

Voya’s growth reflects increasing employer interest in pooled employer plans (PEPs), multiple employer plans (MEPs) and other aggregation programs that bring employers together to offer retirement benefits. These solutions can make it easier for employers to offer a workplace retirement plan by shifting much of the day-to-day administration and fiduciary responsibility to specialists, while providing access to greater efficiency in administration and investments. Employers still have flexibility to choose an approach that fits their needs and can evolve as their business or organization changes.

In Voya’s PEP business alone, employer adoption has grown over 30%, employee participation increased over 50%, and assets have grown more than 70% year-over-year, as of September 30, 2026.

“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.”

To meet this growing demand, Voya continues to expand its retirement platform with new capabilities designed to give employers and advisors more choice while making plans easier to manage.

Beginning next month, the availability of multiple investment lineups and fiduciaries within a PEP will give plan sponsors and intermediaries more flexibility. This is a benefit for advisors as it allows them to maintain the investment-management role and approach that differentiates their practice.

Voya is also expanding its full-service MEP and PEP recordkeeping solutions to the middle and emerging markets by offering additional administrative services such as plan document services, compliance testing and more.

This expansion is in addition to planned enhancements applicable to MEPs and PEPs where a third-party administrator is part of the plan administration team. Together, these enhancements meet MEP or PEP sponsors where they are: covering those sponsors who prefer to work with third-party administrators and those who prefer a full-service solution through Voya.

“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.”

Employers, plan advisors and third-party administrators can visit Voya’s website to learn more about the company’s Multiple Employer Solutions.

About Voya Financial^®
Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone’s opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20261104630321/en/

Media Contact:
Kris Kagel
Voya Financial
(201) 221-6534
Kristopher.kagel@voya.com

Source: Voya Financial, Inc.

Key Terms

pooled employer plans financial

A pooled employer plan (PEP) is a single retirement savings program that lets many unrelated companies join together to offer their employees a shared 401(k)-style plan, splitting administrative tasks and costs among participants. For investors, PEPs matter because they can shift large amounts of workers’ retirement savings into collective investment pools, change how companies manage pension-related expenses and risks, and influence demand for different types of investments.

multiple employer plans financial

A multiple employer plan (MEP) is a single employer-sponsored retirement plan, usually a defined-contribution plan like a 401(k), that is maintained for the benefit of employees of two or more employers so those employers can share plan administration, recordkeeping, and costs. Under U.S. retirement law (ERISA and related IRS rules), the employers are plan sponsors of the same plan and generally share fiduciary responsibilities and potential liabilities for plan compliance, although newer structures such as pooled employer plans (PEPs) allow a pooled plan provider to assume many administrative and fiduciary duties to reduce joint employer liability. MEPs permit smaller or unrelated employers to gain economies of scale for plan services, but they remain a single legal plan with common plan documents and rules that all participating employers must follow.

third-party administrator financial

An independent firm hired to handle the day-to-day administration of employee benefit plans, insurance claims, or retirement accounts on behalf of another company or insurer. Like a property manager who takes care of tenants and maintenance, a third-party administrator processes claims, manages paperwork and compliance, and controls how smoothly benefits operate—factors that can affect a company’s costs, regulatory risk and financial predictability for investors.