The consolidation of the retirement plan business continues.
Voya Financial will acquire OneAmerica’s retirement plan business, in a move that will add $60 billion to Voya’s asset base.
OneAmerica’s retirement plan business comprises 401(k), 403(b), 457, and non-qualified plans and employee stock ownership plans (ESOPS).
The deal will increase Voya’s assets under administration (AUA) to $580 billion, with a total retirement plan and participant count reaching 60,000 and 7.9 million, respectively.
The transaction is expected to close on Jan. 1, 2025.