PLANADVISER - September/October 2018 - 30

Three Key Insights Plan Sponsors
and Advisers Should Know About
Special Needs Planning
An Opportunity Exists to
Support Caregivers and
their Loved Ones
Heather Lavallee: Our industry has come
a long way in recognizing that certain
groups, such as women and minorities,
can face unique challenges preparing for a
successful retirement. Despite the progress
in recent years to support them, one
sizeable population-people with disabilities
and their caregivers-is still largely
underserved. Historically, there has been
a lack of advocacy to advance retirement
policy and financial planning for the
disability and special needs community.
The landscape is difficult to navigate, with
a patchwork of complicated rules and few
qualified experts. But an opportunity
exists to improve this experience, and for
employers and advisers to learn how they
can help.
According to population statistics,
one in five workers in the U.S. has or will
have a disability in their life1
six serves as a caregiver2
, and one in
. These numbers
reflect the far-reaching scope of the
special needs community which includes
people with physical and cognitive disabilities;
those with debilitating diseases and
conditions
resulting
from catastrophic
events and aging; and the ones most often
overlooked-the family members responsible
for providing care and financial security.
Caregivers,
overall, do not feel
confident about their financial wellness.
Of
those who care for an adult with a
disability, 90% say they receive little or no
financial support3
. These workers are also
strapped for time, spending more than 24
hours each week providing care4
. Many
may even be sandwiched between a child
and an ailing parent.
Voya has made a commitment to
champion this issue through our Voya
30 Chief Investment Officer / December 2014
SPONSORED SECTION
Cares® initiative, which we launched two
years ago. Our program resources are
focused on three critical areas: 1) beneficiary
From
left: Heather Lavallee, President, Voya
Tax-Exempt Markets; Bill Harmon, President,
Voya Corporate Markets; Michael De Feo,
Managing Director, Retirement and Investment
Only Voya Investment Management
education and planning, which
we've integrated throughout our entire
Retirement experience and across all of
Voya's businesses; 2) helping individuals
understand and navigate key government
benefits; and 3) providing holistic financial
planning support for strategies, such as
guardianship options and special needs
trusts, which employers can integrate with
their existing benefits program.
Voya Cares enables us to make a
difference by showing our customers that
we're not just service providers, but we're
also parents and family members. Many
of us have our own stories which helps
bring this issue to life for more plan sponsors
and advisers.
Employers are a Critical
Access Point to Special Needs
Resources and Benefits
Bill Harmon: Generally, the emotional toll
of living with a disability or serving as a
caregiver is not deeply understood by an
employer and, therefore, not well-integrated
into their broader human capital
considerations. The result is that it can limit
the full potential of an organization's workforce.
One of the main reasons for this challenge
is that many individuals don't freely
offer this information up-only 56% of
caregivers speak to their supervisors about
the caregiving responsibilities they take on
outside of their jobs5
.
However, once you initiate the dialogue
with employees and demonstrate a desire
to help, you will find this audience appreciates
talking and learning about any support
resources, financial or otherwise. My wife
and I are caregivers to our 17-year-old son
who has Down syndrome. Like me, many
workers are managing their own set of life
circumstances at home. Yet employers are
PLANADVISER - September/October 2018

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