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. that plaintiff, david ravarino, is also the name of the former vice president who worked for voya until late last year. for example, the voya target index solution trusts and several other investment options underperformed relative to peer investment options, the plaintiffs claim. the target-date series has had net returns lower than 25% to 45% of comparable products on the market since its launch in 2012, according to the complaint.
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 lawsuit also makes claims related to other voya investment options, as well as funds from cohen and steers and brown advisory. “voya believes in its plan and its process, and intends to defend the case vigorously,” the company stated. subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the investmentnews team. only a small proportion of the financial services industry includes women and minorities, something the organization would like to change.
if you are currently enrolled in voya financial’s 401k plan or have been enrolled in the employee 401k plan since 2015, please contact the erisa attorneys at peiffer wolf carr kane & conway for a free consultation by filling out a contact form or by calling 504-523-2434. erisa governs various types of retirement plans including 401k plans. erisa requires employers who sponsor retirement plans to act prudently, loyally, and with the highest regard for the interests of the employees who participate in the plans when it comes to selecting investment options and investing plan assets. peiffer wolf carr kane & conway has extensive experience representing plan participants and beneficiaries in claims where erisa fiduciaries imprudently invested plan assets causing losses to the plan participants. peiffer wolf carr kane & conway has represented thousands of clients, and we remain committed to fighting on behalf of voya financial’s 401k plan participants. we have a national team of attorneys and staff who look forward to speaking with you.
our contingency fee agreements are usually based on a percentage of the amount we recover for our clients. the contingency fee amount is determined by the type of case, our estimate of how long it will take to resolve your case, and our estimate of the litigation costs we will advance in your case. every case is different, and we will do our best to provide you with an estimate based on your case and our experience with similar cases. we are smart, experienced, and dedicated professionals who work tirelessly for our clients and take pride in the pursuit of justice on their behalf. © 2022 peiffer wolf carr kane conway & wise, llp. prior results do not guarantee a similar outcome.
take control of your financial future with voya your clients can unlock the natural connections between health benefits and retirement savings offering voya retire app on google play store. go to full site. remind me later. © 2021 voya services company. all rights reserved. a group of former voya financial inc. employees sued the company this week, claiming the firm should not have included its own investment, .
voya financial | 61619 followers on linkedin. our vision is to be america’s retirement company, helping to guide americans to and through retirement. our initial investigation has uncovered that voya financial may have made overly risky investment choices with its employee’s 401k plan, causing employees to employers have an opportunity to reframe retirement savings rates as “pennies per dollar” to help boost retirement income for their workforce, according to, . can i withdraw from my voya 401k? how do i access my voya 401k account? how do i check my 401k balance? what happens to 401k when you quit voya?
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