Voya Financial, Inc., announced that it has been selected as the new health savings account (HSA) provider for the ABA Retirement Funds Program (the Program), a fully bundled retirement offering to organizations in the legal community established nearly 60 years ago. The new Voya HSA administration solution is available to all Program clients as of Oct. 1, 2021. In addition to the new HSA offering, the Program has remained a long-term client of Voya’s retirement savings offerings, which today administers services to nearly 37,000 participants whose collective assets total more than $7.5 billion.
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“One of our main goals through the Program is to provide plan participants with holistic financial solutions, and the HSA solution is a continuation of that goal,” said Scarlett Ungurean, executive director, ABA Retirement Funds (ABA RF). “As a long-term client with Voya’s retirement plan savings offerings, we also see tremendous value in the integrated solution to offer the HSA solution along with the Program’s 401(k) plans as a way to help people manage both near- and longer-term health care expenses, which is one of the primary concerns of plan participants.”
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HSAs have increased in popularity in recent years to help pay for eligible medical costs now and in retirement. According to industry research, despite the pandemic, the average balance of HSAs that received either an employee contribution or an employer contribution grew more than 50% in 2020.1
“With employees increasingly turning to their employer for help to advance the financial well-being of their households, we believe HSAs are a powerful savings and spending vehicle that sit at the intersection of the health and wealth needs of individuals today,” added Nate Black, vice president, Consumer Health Driven Product, Voya Financial. “At Voya, we have been conducting research on the convergence of health and wealth in the workplace and have found that 77% of employers are interested in integrated solutions across health and wealth.2 As the workplace continues to increase in its importance in helping Americans address their health and wealth needs, we look forward to working with our plan sponsors, including those in the Program, to help their participants achieve their financial wellness goals with confidence.”
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“We look forward to growing our valued and longstanding relationship with the ABA RF and all of the participants in the Program,” said Bill Harmon, chief client officer at Voya Financial. “Both Voya’s Wealth and Health Solutions businesses play an integral role in delivering valuable solutions to help individuals as they work to achieve holistic financial wellness, and we are delighted to be able to help the thousands of Program plan sponsors and their participants as they work to achieve a secure financial future.”
Since its inception, the Program, established by the American Bar Association, has been committed to providing a solution to help all legal professionals achieve retirement security.
Voya is uniquely positioned in the market to serve the health and wealth needs of employers of all sizes and across all segments, including large, complex 401(k) plans. As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all Americans — one person, one family, one institution at a time.
1. Employee Benefit Research Institute, “Health Savings Account Balances, Contributions, Distributions, and Other Vital Statistics: Evidence From the EBRI HSA Database,” (Oct. 2021).
2. Voya study conducted with McKinsey (2021).
Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by WEX Inc.
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