Wisconsin Extends Contract with Voya Investment Management to Manage the State’s 529 Program Through 2020

By a News Reporter-Staff News Editor at Investment Weekly News -- Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced that the state of Wisconsin has extended its contract with the firm to manage Wisconsin's 529 program through October 2020.

The Tomorrow's Scholar 529 plan is one of Wisconsin's state-sponsored college savings plans administered by the College Savings Program Board and the state. Voya provides investment management and administrative services along with the distribution of shares for the program through financial advisors.

"Voya's vision is to be America's Retirement Company," said Christine Hurtsellers, chief executive officer, Voya Investment Management. "Part of that responsibility is to deliver a wide range of effective investment solutions clients need as they balance the goal of financing their family's education with saving and investing for their own retirement. We're pleased that we've had the opportunity to help Wisconsin families with their educational saving needs and are looking forward to our continued partnership with the state by managing the Tomorrow's Scholar 529 plan."

Jim DiUlio, Director - Wisconsin 529 College Savings Program, also cited the benefits of 529 plans as an excellent vehicle for parents, grandparents or others to build wealth to cover college costs. "We are pleased with the progress we have made in growing Tomorrow's Scholar and helping families prepare for college."

529 plans have experienced strong growth as more and more people recognize the benefits of investing for college as opposed to borrowing. As of March 31st, 2017, 529 plans had 13.3 million accounts with $289 billion in assets, according to Strategic Insight, Inc. Tomorrow's Scholar has experienced significant growth over the period, adding 75,000 new participant accounts - while distributing assets for beneficiaries.

"As the costs of college continue to skyrocket, we've seen more demand for 529 accounts from advisors as they have embraced a more holistic approach to working with their clients to meet their varying investment goals," said Paula Smith, senior vice president, head of business development and strategy for Retirement and College Savings at Voya Investment Management. "Over their history, 529 products have shown to be a tax efficient, and financially effective, means to meet this demand."

Keywords for this news article include: Finance and Investment, Investment and Finance, Voya Investment Management.

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