Improving participant education with myOrangeMoney® loan tool
This cutting-edge tool empowers participants to reflectively consider their decision by presenting them with vital planning information before taking out the retirement loan.
A few key considerations explored in the myOrangeMoney® interactive loan tool include the actual cost of the loan, information regarding how loans must be repaid in full or they will be treated as taxable withdrawals and how the loan could impact retirement income.
With the myOrangeMoney loan tool, participants can simulate and model loans to truly understand the short and long term impacts.
In the end, participants should avoid forsaking their future to pay off yesterday’s debt, and there are several steps plan sponsors can take to help ensure they’re taking the right steps toward retirement. Reach out to your relationship manager to learn more about myOrangeMoney, our new loan enhancement or to explore whether plan design changes can improve participant outcomes.
Voya does not offer legal or tax advice. Consult with your tax and legal advisors regarding your individual situation.
Retirement Education Specialists are Registered Representatives of and offer securities through Voya Financial Partners, LLC, member SIPC.
For sponsor use only. Products and services offered through the Voya Financial family of companies.
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