Voya Financial Selected as Single Service Provider for State of Nevada Retirement Program
WINDSOR, Conn., May 13, 2015 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced that its Retirement business has been selected as the single service provider for the state of Nevada Public Employees' Deferred Compensation Program.
Voya began its relationship supporting Nevada's retirement program 11 years ago. With this most recent expansion, effective the first quarter of 2015, the Nevada Deferred Compensation Committee consolidated all program assets under a single service provider and chose Voya as the result of a competitive selection process.
The state of Nevada Public Employees' Deferred Compensation Program is a voluntary 457(b) deferred compensation plan designed to supplement other retirement savings and pensions. Approximately 39,000 eligible employees participate in the program, including those from the state, the Nevada System of Higher Education and from various state political subdivisions. As of April 30, 2015, the plan represented approximately $693 million in total assets, roughly $568 million of which transitioned from a former service provider.
As part of its commitment to advancing the retirement readiness of Americans, Voya will provide the state of Nevada Public Employees' Deferred Compensation Program and its program members with full service plan record keeping and administration services, including on-site service to all regions of the state. Voya representatives will educate eligible employees about investment options under the plan and assist them in their overall preparedness efforts. Voya will also assist the state in the development and execution of targeted marketing campaigns designed to increase plan participation. In addition to localized support, employees will also have access to industry-leading tools and resources such as Voya's newly enhanced participant website, which features the award-winning myOrangeMoney™ retirement income planning experience.
"With a relationship spanning more than a decade, we're privileged that the state of Nevada decided to expand our partnership and make Voya the single service provider for its 39,000 employees," said Carolyn Johnson, president of Annuities and Tax-Exempt Markets for Voya Financial. "We are committed to providing our clients — including some of the largest retirement systems in the country — with the guidance and support they need today so their employees are emotionally and financially ready for retirement tomorrow."
Voya Financial's Retirement business holds top-tier rankings in the defined contribution industry. As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be recognized as America's Retirement Company™ and on its mission to make a secure financial future possible — one person, one family, one institution at a time.
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About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement Company™ and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 6,500 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit voya.com or view our Voya Financial Interactive Company Profile. Follow Voya Financial on Facebook and Twitter @Voya.
SOURCE Voya Financial, Inc.