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Voya Financial buying nonqualified plan services provider Pen-Cal

Voya Financial Inc. has agreed to acquire Pen-Cal Administrators Inc., a provider of nonqualified deferred compensation benefit plans and consulting services.

As a result of the deal, Pen-Cal will become part of Voya's retirement business operating unit and will re-brand to Voya and its clients will have access to an integrated enrollment and website experience.

Terms of the transaction were not disclosed, and are not material to Voya's financial position. The transaction is expected to close in the coming weeks, subject to closing conditions.