Voya Financial Completes Acquisition of Pen-Cal Administrator

Transaction expands broad retirement plan administration
capabilities with integrated nonqualified solutions for employers and
participants

WINDSOR, Conn.–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today that it has completed
the acquisition of Pen-Cal Administrators, Inc. (Pen-Cal), a leading
provider of nonqualified deferred compensation benefit plans and
consulting services. With the closing of this transaction, Pen-Cal and
its employees are part of Voya’s Retirement business. Terms of the
transaction were not disclosed, and are not material to Voya’s financial
position.

“We are pleased to bring the talent and expertise of the Pen-Cal team to
Voya, and to expand the broad set of financial wellness solutions and
benefits we provide to our clients and their employees,” said Charlie
Nelson, CEO of Retirement and Employee Benefits for Voya Financial. “The
addition of these capabilities enables Voya to offer innovative,
non-qualified compensation benefits along with our leading qualified
plan administration services through an integrated experience that helps
to improve outcomes and advance retirement security.”

Through this acquisition, nonqualified services will be available across
all of Voya’s 401(k), 403(b) and 457 plan markets and offered as an
integrated solution when Voya is administering an employer’s core
defined contribution retirement plan. These services will also be
available when an employer is looking for nonqualified plan support on a
stand-alone basis.

Pen-Cal designs and administers innovative deferred compensation plans,
offering some of the best system functionality and technical expertise
in the market. Key areas of focus include consultative plan design
support to achieve an employer’s executive compensation goals;
sophisticated funding structures for the plan; tailored participant
services that include call center support, website capabilities, and
employee education resources; and plan administration and trust services
built around a system designed to support the most complex nonqualified
plans.

About Pen-Cal

For more than 50 years, Pen-Cal has provided clients with the highest
level of quality and service in the design, implementation, and
administration of employee and executive benefit plans. The firm has the
ability and resources to address the unique needs of every plan and
remain on the cutting edge of recordkeeping and administrative
technology. The mission of Pen-Cal is to be the leader in design,
implementation, and administration of employee and executive benefit
programs and to provide comprehensive, customized, and technologically
innovative solutions that assist companies with recruiting, retaining
and rewarding talent.

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 14.7 million individual and
institutional customers in the United States, Voya is a Fortune 500
company that had $8.6 billion in revenue in 2017. The company had $541
billion in total assets under management and administration as of March
31, 2018. 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®. Certified as a
“Great Place to Work” by the Great Place to Work® Institute,
Voya 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 2018 World’s Most Ethical Companies®
by the Ethisphere Institute, one of the 2018 World’s Most Admired
Companies by Fortune magazine and one of the Top Green Companies
in the U.S. by Newsweek magazine. For more information, visit voya.com.
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and Twitter @Voya.

VOYA-IR

Contacts

Media:
Voya Financial
Joe Loparco
Office:
860-580-2677
Cell: 860-462-6525
Joseph.Loparco@voya.com