VRS Selects New Record Keeper for Defined Contribution Plans

News provided by

Jun 15, 2023, 17:00 ET

RICHMOND, Va., June 15, 2023 /PRNewswire/ -- The Virginia Retirement System Board of Trustees has named Voya Financial to serve as the third-party record keeper for the VRS defined contribution plans (DCP) beginning January 1, 2025, subject to final contract negotiations.

"VRS engaged in a comprehensive review of firms qualified to manage the evolving needs of more than 324,000 DCP participants who are preparing for retirement," said VRS Director Patricia S. Bishop. "We believe Voya's commitment to innovation, detailed knowledge of government plans and ability to provide exceptional service will lead to improved outcomes for VRS members as they prepare for their future and, ultimately, retirement."

Following an expected 18-month transition period, Voya will assume record-keeping responsibilities January 1, 2025, for VRS-sponsored defined contribution plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the defined contribution component of the Hybrid Retirement Plan. Voya will also serve as record keeper for VRS-sponsored optional retirement plans for political appointees and school superintendents, and as one of the provider choices for the optional plan for higher education. Record keeping entails administering participant defined contribution accounts including managing contributions and distributions, interfacing with investment managers selected by VRS and providing participant education and services and communications for VRS plans.

"It was exceedingly important to select a partner to advance the level of financial education and savings-support services we offer to our teachers, higher education personnel, state and local employees and our first responders," said A. Scott Andrews, Chair of the VRS Board of Trustees. "VRS members, who work hard each day to set aside a portion of their paychecks toward retirement, stand to benefit from tools and technologies that can guide their strategic financial decisions. We believe Voya's well-established presence in the government retirement plan sector will deliver positive experiences for VRS members."

"We are honored that the Virginia Retirement System has chosen Voya as the new third-party administrator providing record keeping and participant education services for their defined contribution plans," said Doug Murray, SVP, Wealth Solutions Distribution and Client Engagement for Voya Financial. "With a unique culture that is centered on meeting the needs of all our customers, at Voya we are committed to providing greater outcomes for our clients and their participants. With this as a focus guiding everything we do, we look forward to successfully growing our new relationship with the Virginia Retirement System by supporting their members on their financial journey to make a secure financial future possible."

Serving the needs of 14.7 million individual, workplace and institutional clients, Voya currently provides retirement solutions to more than 3,700 government plans representing over $139 billion in assets and over 2.6 million participants.

About VRS

The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service. VRS ranks as the 14th largest public or private pension fund in the U.S. and the 42nd largest in the world, serving more than 778,000 active and inactive members, retirees and beneficiaries. Members include public school teachers, political subdivision employees (cities, towns, special authorities and commissions), state agency employees, public college and university personnel, state police, Virginia law officers and the judiciary. Approximately 832 employers participate in VRS.

About Voya

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with 7,200 employees who are focused on achieving Voya's aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya's workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a "Great Place to Work" by the Great Place to Work^® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World's Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a "Best Place to Work for Disability Inclusion" on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

About the Virginia Retirement System

SOURCE Virginia Retirement System