“defendants selected for the plan and repeatedly failed to remove or replace a number of deficient proprietary retirement investment funds managed and offered by defendant voya financial inc.,” said the complaint filed dec. 14 in u.s. district court in hartford, conn. “these funds were not selected and retained for the plan as the result of an impartial or otherwise prudent process, but were instead selected and retained by defendants because they benefited financially from the inclusion of these options in the plan,” said the complaint in the case of ravarino et al vs. voya financial inc. et al. “by choosing and then retaining the voya funds as a core part of the plan’s investments to the exclusion of alternative investments available in the 401(k) plan marketplace, defendants enriched themselves at the expense of their own employees,” the complaint said. the plaintiffs maintained that fiduciaries failed to use the plan’s asset size to negotiate better terms, better investments and lower costs for investments.
the participants criticized the fiduciaries’ retaining a voya target-date series, stable value fund and several other funds, contending in each instance that there were better respective products in the marketplace. “there is no indication that defendants reached out to any independent administrative services providers to conduct a proper bidding process or engaged in appropriate negotiations with such third parties in connection with the plan’s administrative services during the relevant period,” the complaint said. “the total amount of administrative fees paid in connection with the plan throughout the relevant period was unreasonable and imprudent, and contrary to the plan’s best interests,” the voya 401(k) savings plan, atlanta, had assets of $2.23 billion as of dec. 31, 2020, according to the latest form 5500. sign up and get the best of news delivered straight to your email inbox, free of charge. to consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.
one of the lead plaintiffs in the class-action case appears to be the company’s former regional vice president of retirement sales for its northern california and nevada territory. in the dec. 14 complaint filed in federal court in connecticut, the plaintiffs allege the company benefited at the expense of its own participants by selecting certain voya investment options, rather than lower-cost alternatives with stronger performance records from other companies for the $2.2 billion 401(k). for example, the voya target index solution trusts and several other investment options underperformed relative to peer investment options, the plaintiffs claim. “these funds were not selected and retained for the plan as the result of an impartial or otherwise prudent process, but were instead selected and retained by defendants because they benefited financially,” the complaint read.
the company “has used its discretionary control over the crediting rate of the voya stable value option to increase voya’s general account profits rather than pay plaintiffs … as well as the other plan participants increased retirement investing returns,” the complaint read. the claims include breach of duties of prudence and loyalty, breach of duty to monitor fiduciaries and engaging in prohibited transactions. “voya believes in its plan and its process, and intends to defend the case vigorously,” the company stated. only a small proportion of the financial services industry includes women and minorities, something the organization would like to change. the automatic ira program is seeking to fill a spot on its investment menu that is likely being vacated by the bny mellon sustainable balanced fund.
voya insights small business & nonprofit resource center 401(k) infocenter 403(b) regulations cybersecurity the voya difference. voya retire app on google play store. go to full site. remind me later. © 2021 voya services company. all rights reserved. participants in a voya financial inc. 401(k) plan allege erisa violations of self-dealing in the management of the plan., .
a group of former voya financial inc. employees sued the company this week, claiming the firm should not have included its own investment our initial investigation has uncovered that voya financial may have made overly risky investment choices with its employee’s 401k plan, causing employees to lisa bishop lambert, alan house, erika hallberg and ryan fuhriman—participants in the $2.2 billion voya 401(k) savings plan—alleged, . how does voya 401k work? is voya a 401k? how do i cash out my voya 401k? is voya a good company?
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