New ABLE Investment Accounts Similar to Popular College Savings Plans

DOVER, Del. – Delaware State Treasurer Ken Simpler announced today that Delaware will join a multi-state consortium known as the National ABLE Alliance to establish an “Achieving a Better Life Experience” program. The decision to join the Alliance was approved by the State’s Plans Management Board after an extensive, yearlong review conducted by the Office of the State Treasurer and the Board’s ABLE Task Force.

Soon Delawareans with a qualified disability will be able to own and maintain a tax-advantaged account to save and pay for disability-related expenses while preserving their federal benefits. As a member of the National ABLE Alliance, Delaware will share in the efficiencies and benefits of having a common program manager while retaining the ability to customize key features of the ABLE program to meet the needs of Delawareans with disabilities.

“First and foremost, our priority is to provide Delawareans with disabilities a fiscally sound means to achieve a more secure economic future,” Simpler said in a statement. “ABLE accounts will empower them to make long-term planning decisions according to their specific needs.”

Alaska, Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Nevada, New Jersey, North Carolina, Pennsylvania, and Rhode Island as well as the District of Columbia are members of the National ABLE Alliance. Delaware joins these states in working together to create a shared platform to drive down costs for participants while providing robust features and investment products.

“The National ABLE Alliance proudly welcomes Delaware to the multi-state consortium,” said Illinois Treasurer Michael Frerichs. “Delaware’s Office of the State Treasurer has been a strong advocate for the ABLE program and an active participant in discussions since the beginning. We are excited that our partnership will allow the Delaware disability community to take advantage of this new savings and investment program for people with disabilities at the lowest cost in the nation.”

Eligibility for ABLE accounts is limited to persons with a qualified disability that onset before the age of 26. Funds in the accounts can be used to pay for education, health care, transportation, housing and other disability-related living expenses. Earnings on investments in ABLE accounts accumulate tax free and are never taxed so long as they are applied towards qualifying expenditures. For more information about ABLE, please visit the Delaware State Treasurer’s website.

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We join together to denounce the intimidation and violence perpetrated by white supremacists and Nazis in Charlottesville, Virginia last weekend, and to make clear that such conduct will not be tolerated here in Delaware. 

We come from different backgrounds, different parties, and different parts of the state.  Some of our colleagues have relatives who served and died fighting the Nazis in World War II.  Some of our colleagues have ancestors who were imprisoned and killed in Nazi-run concentration camps.  Some of our colleagues have ancestors who were enslaved and oppressed when white supremacy was permitted by law here in the United States.  

All of us, together, reject the white supremacist and Nazi views espoused last weekend in Charlottesville, and condemn the behavior and violence that accompanied it.  It will not be tolerated here in Delaware.  We are a state that rejects hate, discrimination, and violence. 

Governor John Carney            Lt. Governor Bethany Hall-Long

                                                          Attorney General Matthew Denn            State Auditor Thomas Wagner

State Treasurer Kenneth Simpler            Insurance Commissioner Trinidad Navarro

President Pro Tempore David McBride, Majority Leader Margaret Rose Henry, Majority Whip Nicole Poore,

Minority Leader Gary Simpson & Minority Whip Gregory Lavelle

of the Delaware State Senate

Speaker of the House Peter Schwartzkopf, Majority Leader Valerie Longhurst, Majority Whip John Viola,

Minority Leader Daniel Short & Minority Whip Deborah Hudson

of the Delaware State House of Representatives

WINDSOR, Conn., June 27, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) announced that its Retirement business has been selected as the exclusive provider of administrative and recordkeeper services for the State of Delaware’s 457(b) Deferred Compensation Plan, 401(a) Match Plan, and 403(b) Plan. An estimated 38,950 public employees are eligible to participate in the Plans. These employees include government workers, first responders, public safety officers, and educators and administrators from the K-12 public school districts, charter schools and certain higher education institutions. The Plans hold approximately $962 million in aggregate assets as of March 31, 2016.

The transition project is underway with full conversion expected in fall of 2016. Through the conversion, ongoing notifications will be sent to participants. These notifications will allow participants ample time to make informed decisions about their voluntary retirement plans. Last week, Voya began sending initial direct communications to existing participants announcing these exciting changes.

Voya was chosen as the State of Delaware’s strategic retirement partner through a competitive search process conducted by the State’s Deferred Compensation Council. The Council was assisted by Cammack Retirement Group, a consultant engaged by the Council to conduct a thorough review of the Plans. The overarching goals of the request for proposal were to streamline the administration and lower the costs of the Plans and place greater emphasis on client-facing enhancements to participants.

“I am proud to be part of the Council dedicated to helping state employees achieve retirement savings goals via this voluntary retirement savings vehicle,” said Charles Campbell-King, State Employee Member At-Large. “After much consideration, I strongly believe that selecting Voya as the single recordkeeper for all Plans is the best strategy to keep the State of Delaware moving forward.”

“State employees are Delaware’s greatest assets. The Council’s decision reflects a strategic shift from simply offering them a benefit to helping them achieve true retirement readiness,” said Ken Simpler, the Council’s Co-Chair and State Treasurer. “Voya’s platform for service, technology, product design, and customer satisfaction ensures Delaware participants a world-class retirement savings program.”

“The Deferred Compensation Council made a significant decision to consolidate its three retirement savings plans under a single service provider, and we’re pleased they placed their trust in Voya,” said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. “This expanded partnership and vote of confidence from the Council underscores Voya’s ability to serve some of the largest government plans in the country. We look forward to a long and successful relationship as we help the State’s educators and public employees plan, invest and protect their savings so they can be better prepared for retirement.”

As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company™ and its mission to make a secure financial future possible — one person, one family, one institution at a time.

Delaware Office of the State Treasurer Media Contact:
Kristen Kuipers
Director of Communications
Office of the State Treasurer, Kenneth A. Simpler
Office: (302) 672-6726
Kristen.Kuipers@delaware.gov

Voya Financial Media Contact:
Bill Sutton
Public Relations Manager
Office: (860) 580-2626
Cell: (315) 373-9685
William.Sutton@voya.com

About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2015. The company had $458 billion in total assets under management and administration as of March 31, 2016. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company™. The company is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible — Voya has been recognized as one of the 2016 World’s Most Ethical Companies® by the Ethisphere Institute, and as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.