Voya Retained as Single Service Provider for Nevada Public Employees’ Deferred Compensation Program
WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business will continue to provide sole recordkeeping services for the State of Nevada Public Employees’ Deferred Compensation Program. Segal Marco Advisors, an independent defined contribution plan consultant, assisted the Nevada Public Employees’ Deferred Compensation Program in its evaluation process.
The Nevada Public Employees’ Deferred Compensation Program is a voluntary 457(b) retirement savings plan available to all State of Nevada employees, including those in the Nevada System of Higher Education (NHSE) and other local government employers. The program is designed to supplement participants’ retirement savings and pensions. As of Dec. 31, 2019, the Nevada Public Employees’ Deferred Compensation Program had more than 54,000 eligible participants representing approximately $900 million in assets under administration.
Voya first began its relationship supporting Nevada’s retirement program more than 15 years ago. Effective in 2015, the Nevada Public Employees’ Deferred Compensation Program consolidated all program assets under a single service provider and selected Voya as its sole recordkeeper. As the result of a competitive bidding process, Voya’s contract has now been extended another five years.
As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide Nevada Public Employees’ Deferred Compensation Program participants with localized support and access to industry-leading educational tools and resources. These include Voya’s myOrangeMoney® retirement-income-estimating capabilities and participant website experience, as well as communication and education programs designed to engage and motivate employees to save and achieve their financial wellness needs.
“Given our long-standing relationship, we’re proud that the Nevada Public Employees’ Deferred Compensation Program continues to place its trust and confidence in Voya to help its public employees save for a secure financial future,” said Heather Lavallee, president of Tax-Exempt Markets for Voya’s Retirement business. “We are committed to providing our government clients — including some of the largest retirement systems in the U.S. — with the guidance and support they need to help their participants plan, invest and protect their savings so they can retire better.”
Voya Financial’s Retirement business serves clients of all sizes and across all sectors, including employers in government and other tax-exempt retirement plan markets. As a leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company® and on its mission to make a secure financial future possible — one person, one family, one institution at a time.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $568 billion in total assets under management and administration as of Sept. 30, 2019. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
Segal Marco Advisors is a separate entity and not a corporate affiliate of Voya Financial®.
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