Sale of OneAmerica’s retirement plan business complete – Inside INdiana Business

A New York-based financial services company has completed its acquisition of One America Financial’s full-service retirement plan business, a deal valued at up to $210 million when it was announced nearly four months ago.

Voya Financial Inc. now serves about 60,000 retirement plans supporting nearly 8 million participants as a result of the transaction, the company said Thursday.

An undisclosed number of employees from One America Financial, Indianapolis’ largest private company with more than 2,500 workers, are now Voya employees.

“Completing this acquisition is an important milestone in our commitment to growing our Workplace Solutions businesses,” Voya Financial CEO Heather Lavallee said in the news release. “As we welcome the OneAmerica Financial retirement customers and associates to Voya, we look forward to working together with our talented and complementary new team members to continue to deliver the quality products and services our clients have come to know and expect from our collective teams. We are excited about the tremendous benefits this acquisition brings to our stakeholders as we move forward, including our colleagues, customers, and intermediary partners.”

Voya Financial provides retirement plans, health insurance and investment services to individuals, employers and institutions. The company, which trades publicly on the New York Stock Exchange, now has about $670 billion in assets under administration, the news release said.

OneAmerica’s retirement plan business had about $47 billion in assets under administration through a variety of retirement plans, including 401(k), 403(b) and 457 plans, non-qualified deferred compensation plans and employee stock ownership plans. Its other product lines include life insurance, annuities, asset-based long-term care products and employee benefits.

Under the terms of the deal announced in September, Voya was to pay $50 million up front for the retirement plan business, plus up to an additional $160 million in the second quarter of 2026 contingent on the performance of certain metrics, the Indianapolis Business Journal reported. 

Voya has not specified how many One America Financial employees would be affected or whether any job cuts would occur.

Industry sources told IBJ that the employees in the unit number in the hundreds.

Voya said in the Thursday news release that it plans to provide further details about the transaction during its fourth-quarter and full-year 2024 earnings call in early February.

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