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
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.
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SOURCE Virginia Retirement System