Department of Labor Fiduciary Rule Update

On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit overturned the Department of Labor (DOL) fiduciary rule. 

A main component of the DOL’s fiduciary rule was the requirement that providers of investment advice act in their customers’ best interests.  Working in our clients’ and customers’ best interests has long been an established part of Voya’s culture and business practices.  This is at the core of our values ─ and does not change simply because the DOL rule no longer applies. It is business as usual at Voya and we will continue to incorporate a best interests approach to how we serve our clients and customers.

Our recognition by the Ethisphere Institute as one of the World’s Most Ethical Companies® and by Fortune as one of the World’s Most Admired Companies reinforces our commitment to these values, and the spirit we embrace for doing what is in the best interest of clients.

There may be technical changes over time to our processes and procedures as a result of the court’s decision.  In the meantime, all of our existing processes, procedures and businesses practices continue to apply.

We will continue to follow this matter closely and will keep you informed of any new developments. If you have questions about this or any other Retirement topic, we encourage you to reach out to your relationship manager.