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Voya Financial buys OneAmerica Financial’s $60B retirement plan business

Voya Financial buys OneAmerica Financial’s B retirement plan business

The acquisition, which is expected to close on Jan. 1, 2025,  will bolster Voya’s full-service retirement business within Wealth Solutions, which includes employee stock ownership plan administration, and provide new opportunities to expand its existing advisor relationships. OneAmerica will gain access to Voya’s digital experience and recordkeeping services.

Earlier this year, Indianapolis-based OneAmerica rebranded its name to OneAmerica Financial in an effort to highlight the firm’s focus on employee benefits and retirement. The firm’s full-service retirement plan business comprises 401(k), 403(b), 457 and non-qualified deferred compensation plans, as well as ESOPs.

The acquisition adds approximately $47 billion of assets to Voya’s full-service Emerging and Mid-Market segments and extends the firm’s leadership position in the Large Market by adding approximately $15 billion of recordkeeping assets. The announcement “will help advance our growth strategy by offering workplace benefits and savings solutions to more individuals,” said Heather Lavallee, CEO, Voya Financial.

“OneAmerica Financial is placing its retirement business in the hands of an organization that can deliver industry-leading offerings,” said Scott Davison, chairman, president and CEO of OneAmerica Financial. “For 60 years, we have been committed to serving the retirement market by helping our customers face every day with greater certainty. Voya is the firm to deliver on that commitment. We see this as a great opportunity for our customers and the OneAmerica Financial associates that will continue to grow with Voya.”

“This acquisition fully aligns with Voya’s relentless focus on customer satisfaction, leveraging the strength and expertise of two dedicated organizations who deliver a variety of workplace benefits and savings solutions,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial. “OneAmerica’s broad range of retirement capabilities, combined with our existing product suite and digital solutions, provides an opportunity to extend Voya’s reach across all market segments to deliver health, wealth and investment solutions through the workplace and institutions.”

The transaction expands the services Voya provides to workplace benefits and savings plans it serves across all markets and employer sizes. This includes OneAmerica Financial’s competitive employee stock ownership program and the benefits of its broad reach across the advisor community, bringing new and increased intermediary relationships to help expand Voya’s footprint.

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