Voya Financial supports DOL’s proposed framework for advancing retirement investment choice

Key Terms

fiduciary duties regulatory

Fiduciary duties are the legal and ethical responsibilities that company directors, officers, or financial advisors have to put shareholders’ interests ahead of their own, acting with honesty, care, and loyalty. Think of it like a guardian managing someone’s money: choices must prioritize the owner’s benefit, avoid conflicts, and be made with prudent judgment; investors rely on these duties to ensure decisions aren’t self‑serving and to provide grounds for legal action if abused.

erisa regulatory

ERISA is a U.S. federal law that sets rules for private employer retirement and benefit plans, requiring plan managers to act in participants’ best interests, provide regular disclosures, and follow basic reporting and funding standards. For investors, ERISA matters because it shapes a company’s pension and benefit obligations, creates potential legal and financial liabilities, and influences how corporate assets tied to employee plans are governed—think of it as rules that keep a company’s employee savings pot transparent and responsibly managed.

private market investments financial

Private market investments are stakes in companies, real estate, infrastructure projects or loans that are not bought and sold on public stock exchanges; think of backing a friend's startup or buying a rental property instead of trading shares on a market. They matter to investors because they can offer higher long‑term returns and direct ownership, but they are harder to value and sell quickly and often require locking up money for years, adding both potential reward and extra risk to a portfolio.

liquidity management financial

Liquidity management is how a company controls its cash and easily sold assets so it can pay bills, meet payroll, cover unexpected costs and seize opportunities without selling important investments at a loss. Think of it like a household balancing checking, savings and a credit card to handle daily expenses and emergencies; for investors, good liquidity management lowers the chance of a cash crunch, reduces borrowing costs and signals financial stability.

benchmarking technical

Comparing a company’s financial or operational results, products, or investment returns against a clear standard—such as peers, an industry average, or a market index—to see how it stacks up. Investors use benchmarking to spot strengths, weaknesses and hidden risks, judge whether a stock or manager is outperforming or lagging, and make better buy/sell or valuation choices; think of it like checking a car’s fuel efficiency against similar models to judge value.

fiduciaries regulatory

Fiduciaries are people or organizations legally required to act in another party’s best financial interest, such as investment managers, trustees, or corporate directors. For investors this matters because fiduciaries must prioritize clients or shareholders over their own gain, reducing the risk of conflicts of interest and providing a legal avenue for recourse if they breach that trust—think of them as a guardian paid to protect someone’s money.

NEW YORK--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA) welcomes the U.S. Department of Labor’s proposed rule, Fiduciary Duties in Selecting Designated Investment Alternatives, as an important step toward the thoughtful expansion of retirement investment choice.

The proposal emphasizes the importance of a robust evaluation process for investments, without endorsing or excluding any specific asset class. The focus on providing a stable framework is consistent with longstanding ERISA principles that have served plan sponsors, fiduciaries and participants well as they assess appropriate options for their plans.

“At Voya, we believe expanding investment choice requires strong fiduciary governance, participant education and the involvement of financial professionals who can help ensure appropriate use of these solutions,” said Amy Vaillancourt, president of Retirement at Voya Financial. “When it comes to private market investments, focusing on professionally managed structures and layering protections such as liquidity management and valuation transparency is essential. Voya appreciates the proposal’s practical approach, which strengthens the ability of fiduciaries to make well-informed decisions about investment options and promotes a stable framework within which retirement plans can operate for the benefit of their participants.”

Plan sponsors and participants are increasingly interested in a range of investments beyond traditional public market investments as a way to enhance diversification and potential returns. Clear regulatory standards are essential to ensure these options can be incorporated responsibly. The Department’s proposal outlines a disciplined, transparent framework for evaluation, including factors such as performance, fees, liquidity, valuation, benchmarking, and complexity.

As a retirement recordkeeper and investment partner, Voya is proud to support plan sponsors and financial professionals with the resources and operational tools they need to carry out their responsibilities with confidence. We look forward to being active contributors to the public dialogue around this important proposal.

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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Media Contact:

Claire Supplee

(212) 309-8275

Claire.Supplee@voya.com

Investor Contact:

Mei Ni Chu

(212) 309-8999

IR@voya.com

Source: Voya Financial, Inc.