Examples of Voya Parent in a sentence
All other named corporate defendants are companies wholly owned (directly or indirectly) by Voya Parent.
Plaintiffs are participants in the Plan, a retirement benefit (subject to ERISA requirements) offered by Voya Parent to its employees.4 ECF No. 1 at 5.
Further, Defendants do not dispute that Voya Parent has discretionary authority over the appointment, retention, and removal of Committee members (whose responsibilities generate fiduciary duties).
But then they assert that Voya Parent’s financial outlook relies largely on the health of the Voya Parent general account.
Id. And Defendant Voya 4 The Plan is sponsored by Voya Services Company, which is a subsidiary of Voya Parent and which is not a party to this action.Investment Management Co. LLC (“Voya Stable Value Manager”) is another subsidiary of Voya Parent that manages the Voya Stable Value Option.
But Voya Recordkeeper had no specific role with respect to that fund, there is no allegation that Voya Advisor or Voya Parent had any involvement in that fund, and there is no allegation that Voya Stable Value Manager managed that fund.
Count Two asserts an additional ERISA claim against Voya Parent alone for its alleged failure to properly monitor fiduciaries.
Because Plaintiffs adequately pleaded that the inclusion of this investment among the Plan options was imprudent and disloyal, it is reasonable to infer that the Committees (which were responsible for selecting Plan offerings), included the Voya Small Cap Growth Trust Fund in service to Voya Parent (which had a financial interest in investing in its proprietary products, including underperforming ones).
Therefore, Plaintiffs have alleged that these three entities were fiduciaries whose actions with respect to the Voya Small Cap Growth Trust Fund inured to their own benefit.Accordingly, this claim may proceed against the Committees and Voya Parent.