Free baby retirement accounts, with $500 in starter funds, are available for babies born on October 20, 2014.
It’s estimated that over 10,000 babies were born on that day.
The offer of a free baby retirement account loaded with $500 is part of a promotion by Voya Financial.
According to Voya, every baby born in the US on October 20, 2014, is eligible to participate “subject to program requirements”.
The requirements include that the parent or legal guardian must be a legal resident or a US Citizen, and must register by December 19, 2014. The complete terms are available here.
According to Voya, no purchase is required, and there are no out-of-pocket costs. They do caution though that “recurring fees and expenses are associated with owning shares in mutual funds and would come out of the investment.”
The $500 that the account is funded with will be invested by Voya in shares of the Voya Global Target Payment Fund. Voya says this fund is intended “for long-term investors who wish to accumulate capital with an investment approach focused on retirement.”
Voya was formed in April, and was formerly ING U.S. It serves 13 million individual and institutional customers in the United States with products in Retirement Solutions, Investment Management, and Insurance Services.
Voya has been named a 2014 World’s Most Ethical Company, by the Ethisphere Institute. According to the InvestmentNews BD Data Center, it is also it “A top-tier independent broker-dealer network in the U.S.”
If you know a baby born on October 20, 2014, be sure to share this story with their parents. You can pass it along to all your friends and followers using the share buttons below.
The deadline for registering babies is December 19, 2014.
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