May 11, 2018

Voya acquiring Calif. deferred-pay advisor

Windsor wealth manager-advisor Voya Financial Inc. is acquiring a California deferred pay-benefit consultancy to widen the menu of services for its retirement-business unit.

Voya did not disclose Friday terms of the deal due to closing in coming weeks for Pen-Cal Administrators Inc., of Livermore, Calif. Voya said the deal terms are not material to its financial position.

Pen-Cal specializes in nonqualified deferred compensation benefit plans and consulting services.

"As the financial wellness needs of Americans continue to evolve, innovative compensation benefits, such as nonqualified retirement plans, are becoming an increasingly important way for employers to attract and reward key members of their workforce," Charlie Nelson, Voya's CEO for retirement and employee benefits said in a statement.

After the deal, Pen-Cal will be rebranded as Voya, which manages or administers more than $540 billion in assets for about 14.7 million U.S. individual and institutional investors.

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