Voya Services Company 401(k) Review & Grade
Voya 401(k) Savings Plan
Atlanta, GAFinance & Insurance7,136 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$6,786Employer $ per active participant
$11,245Employee $ saved per active participant
0.00%Direct admin cost, % of plan assets
$2.7BNet plan assets, end of year
$215,387Average balance per account
Score breakdown
- Employer generosity36.1 / 5072th percentile for employer $ per participant
- Low cost25.0 / 25100th percentile for low admin cost vs. same-size plans
- Employee saving11.8 / 1579th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score70 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 2,500–9,999 active participants (199 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 72th |
| Lower admin cost | 100th |
| Employee saving | 79th |
| Peers that auto-enroll | 66% |
Red flags from the filing
Corrective distributions: the plan refunded $4,035 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Voya Services put in about $6,786 per active participant, more than the typical peer ($4,489). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $48,418,541 |
| Participant (employee) contributions | $80,237,825 |
| Other contributions (incl. rollovers in) | $20,556,285 |
| Administrative expenses paid from the plan | $4,697 |
| Contract administrator fees | $25 |
| Other admin expenses | $4,525 |
| Benefits paid out | $235,351,636 |
| Net assets, start / end of year | $2.3B / $2.7B |
| Active participants, start / end of year | 6,829 / 7,442 |
| Participants with account balances | 12,745 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Mitchell Titus |
Largest service providers (Schedule C)
| Benefit Trust Company | $134,074 reported compensation |
| Voya Retirement Insurance & Annuity | $4,574 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250826105718NAL0004403267001, received 2025-08-26, EIN 52-1317217, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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