rather than fulfilling these fiduciary duties, among the highest duties known to the law, by offering the plaintiffs and the other investors in the plan only prudent investment options at reasonable cost, the defendants selected for the plan and repeatedly failed to remove or replace a number of deficient proprietary retirement investment funds (voya funds) managed and offered by defendant voya financial inc. and/or its subsidiaries or affiliates.” the complaint alleges 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 the defendants because they benefited financially from including these options in the plan. “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, the defendants enriched themselves at the expense of their own employees,” the complaint alleges.
“while an erisa fiduciary’s use of proprietary investment options in its employee 401(k) plan is not a breach of the duty of prudence or loyalty in and of itself, a plan fiduciary’s process for selecting and monitoring proprietary investments is subject to the same duties of loyalty and prudence that apply to the selection and monitoring of other investments,” the complaint states. “however, publicly available information indicates that not only has the spread involved here existed continuously during the relevant period, but that the amount of the spread has also been considerable—meaning that voya has kept significantly more of the investment returns yielded by the voya stable value option than voya has paid to plan participants invested in this fund.” voya says, as a matter of corporate policy, it does not comment on specific allegations in pending legal matters.
voya financial is an american financial, retirement, investment and insurance company based in new york city. voya began as ing u.s., the united states operating subsidiary of ing group, which was spun off in 2013 and established independent financial backing through an initial public offering. vriac is solely responsible for its own financial condition and contractual obligations. plan administrative services provided by vriac or voya institutional single log-in. many financial solutions. enter username and password to access your secure voya financial account for retirement, insurance and investments. need to be appointed to. sell voya products? appointment request. need assistance? for assistance or other information related to voya, please select one, voya plan sponsor website login, voya plan sponsor website login, voya sponsor customer service, voya 401k, voya financial.
securities offered through voya financial advisors, inc. (member sipc). see brokercheck for more information. sitemap cio planadviser plansponsor. 702 king farm boulevard, suite 400, rockville, md 20850 / +1 212-944-4455 / issgovernance.com. participants in voya’s defined contribution retirement plan suggest certain funds were not selected and retained for the plan as the result, voya for professionals, voyaretirementplans, voya for professionals website, www.voyaretirementplans.com register now. who bought voya? how do i access my voya 401k account? is voya insurance legit? what kind of retirement plan is voya?
When you try to get related information on voya plan sponsor, you may look for related areas. voya plan sponsor website login, voya sponsor customer service, voya 401k, voya financial, voya for professionals, voyaretirementplans, voya for professionals website, www.voyaretirementplans.com register now.