Voya Financial, Inc. (NYSE:VOYA) a leading retirement, employee benefits and investment management company, today released new thought leadership examining the evolving landscape of paid family and medical leave (PFML) and the broader implications for workforce financial security. The white paper, Protecting the disability continuum: why Short-Term Disability coverage is essential in a Paid Family & Medical Leave World, points to a clear conclusion: while state-based and government-provided benefits are a meaningful step forward, they may not be sufficient on their own to meet employees’ financial needs during times of leave for a disabling condition– underscoring the important role employers can play.

As more states adopt PFML programs, employees are gaining access to baseline income protection during life events such as illness, caregiving, or bonding with a new child. While these programs often provide partial wage replacement, they are subject to caps and eligibility limitations and can create complexity for both workers and employers. As a result, employees may remain financially vulnerable at the very moments they need stability most.

Voya’s perspective highlights that employers are uniquely positioned to support employees, both by offering income protection through supplemental disability income insurance options and by delivering an integrated, supportive experience for their workforce.

"Government programs are an important foundation, but they were never designed to fully replace income or address the broader financial realities employees may face," said Maleiha Russell, VP, Life, Disability and Supplemental Health, Voya Financial. "Employers have a powerful opportunity—and responsibility—to build on that foundation with solutions that offer impactful benefits, simplify the claims experience and ultimately help employees stay focused on what matters most during critical life moments."

Research presented in the white paper also underscores that investing in employee financial protection is not just the right thing to do—it’s becoming a business imperative. Based on this, employers that take a more proactive, holistic approach to benefits have an opportunity to realize measurable results, including:

Our research shows that 62% of employees who took leave said they trusted their employer more afterward, and 90% said they were very or somewhat likely to recommend their employer’s leave benefits to others.
Enhanced business continuity – Better-supported employees experience smoother transitions during leave, reducing disruption.
Greater workforce resilience – Integrated solutions help employees navigate life events with an opportunity to realize less financial impact and uncertainty.

In today’s environment, where financial stress is seen to have a meaningful impact to employee well-being and performance, Voya emphasizes the importance of moving beyond a "minimum coverage" mindset. Instead, employers may wish to consider more comprehensive strategies that layer voluntary and employer-sponsored benefits, streamline the administrative experience, and align leave programs with broader financial wellness initiatives.

Our approach is intended to bring together benefits, administration and guidance to help employers design solutions that meet the evolving needs of their workforce—and help employees be better protected, more confident and more prepared for life’s unexpected moments.

Find the white paper, Protecting the disability continuum: why Short-Term Disability coverage is essential in a Paid Family & Medical Leave World, and more information at https://www.voya.com/employer/leave-resources.

White paper based on Voya Financial Consumer Insights & Research survey conducted April 2-28, 2026, with Morning Consult among 923 employees who have taken leave in the past two years, 157 employees who only considered taking leave, and 178 employer decision-makers at organizations offering leave/absence management.

About Voya Financial^®

Voya Financial, Inc. (NYSE:VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a "Great Place to Work" by the Great Place to Work^® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.

Administrative Services Only (ASO) Leave Management services are provided by the employer. ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (New York, NY), members of the Voya^® family of companies, provides administrative and/or claims payment services only. A complete description of coverage will be provided in the plan documents.

Insurance is issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (New York, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Form numbers, product availability and specific provisions may vary by state.

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Media Contact:

Erin Dungee

860-580-3952

Erin.Dungee@voya.com

Investor Contact:

Mei Ni Chu

IR@voya.com