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Voya adds to its retirement business unit by buying Pen-Cal

Published 05/11/2018, 10:01 AM
© Reuters.  Voya adds to its retirement business unit by buying Pen-Cal
VOYA
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  • Voya Financial (VOYA +0.8%) agrees to buy Pen-Cal Administrators, a provider of nonqualified deferred compensation benefit plans and consulting services; terms of the deal weren't disclosed and aren't material to Voya's financial position.
  • Nonqualified services will be available across all of Voya's 401(k), 403(b), and 457 plan markets.
  • Pen-Cal expects more interest in nonqualified services as "small and mid-market companies more thoroughly understand the impact of tax reform to both their company and their key executives," says Pen-Cal CEO Kirk Penland.
  • Source: Press Release
  • Now read: Voya Financial, Inc. 2018 Q1 - Results - Earnings Call Slides


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