Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today that the state of Wisconsin has extended its contract with the firm to manage Wisconsin's 529 program through October 2020.
The Tomorrow's Scholar 529 plan is one of Wisconsin's state-sponsored college savings plans administered by the College Savings Program Board and the state. Voya provides investment management and administrative services along with the distribution of shares for the program through financial advisors.
"Voya's vision is to be America's Retirement Company," said Christine Hurtsellers, chief executive officer, Voya Investment Management. "Part of that responsibility is to deliver a wide range of effective investment solutions clients need as they balance the goal of financing their family's education with saving and investing for their own retirement. We're pleased that we've had the opportunity to help Wisconsin families with their educational saving needs and are looking forward to our continued partnership with the state by managing the Tomorrow's Scholar 529 plan."
Jim DiUlio, Director - Wisconsin 529 College Savings Program, also cited the benefits of 529 plans as an excellent vehicle for parents, grandparents or others to build wealth to cover college costs. "We are pleased with the progress we have made in growing Tomorrow's Scholar and helping families prepare for college."
529 plans have experienced strong growth as more and more people recognize the benefits of investing for college as opposed to borrowing. As of March 31st, 2017, 529 plans had 13.3 million accounts with $289 billion in assets, according to Strategic Insight, Inc. Tomorrow's Scholar has experienced significant growth over the period, adding 75,000 new participant accounts – while distributing assets for beneficiaries.
"As the costs of college continue to skyrocket, we've seen more demand for 529 accounts from advisors as they have embraced a more holistic approach to working with their clients to meet their varying investment goals," said Paula Smith, senior vice president, head of business development and strategy for Retirement and College Savings at Voya Investment Management. "Over their history, 529 products have shown to be a tax efficient, and financially effective, means to meet this demand."
About Voya Investment Management
A leading, active asset management firm, Voya Investment Management manages, as of March 31, 2017, more than $217 billion for affiliated and external institutions as well as individual investors. With 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2016 as a "Best Places to Work" by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $517 billion in total assets under management and administration as of June 30, 2017. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya's vision is to be America's Retirement Company®. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible and has been recognized as one of the 2017 World's Most Ethical Companies® by the Ethisphere Institute, as well as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.