Voya offers credit to retirement plans of minority-owned businesses
COVID-affected nonprofits are also eligible for the $500 to $5,000 one-time credit to offset plan fees
To help small and minority-owned businesses and nonprofits affected by the COVID-19 pandemic, Voya Financial has begun to offer a one-time fee credit on the retirement plans it manages.
“The fee credit is a flat amount ranging from $500 to $5,000 based on the size of the plan that can be used to offset plan fees for record-keeping and TPA services,” a spokesperson for Voya said.
The credit can be applied to a new or existing plan, Voya said, adding that its Just Right Advantage program is focused on helping employers and organizations within undercapitalized, underserved and “under-saved” communities.
Voya said it will offer the credit to eligible employers, including minority-, women-, veteran-, disability-, and LGBTQ-owned businesses, and 501(c)(3) nonprofit organizations through June 30. To be eligible, entities must be certified minority-owned businesses, while nonprofit entities must be 501(c)(3).
Plans must also adopt features to help support increased participation and savings, including automatic enrollment, automatic-increase capabilities and advisory services to help employees stay on track with their savings.