Voya Selected as New Service Provider for New Mexico PERA SmartSave Deferred Compensation Plan
WINDSOR, Conn.--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE:VOYA), announced today that its Retirement business has been selected as the new recordkeeper for the New Mexico Public Employees Retirement Association (PERA) SmartSave Deferred Compensation Plan, which is a supplemental 457(b) retirement plan.
This voluntary retirement savings plan is eligible to state, county and municipal employees in New Mexico, which includes police officers, fire fighters, judges and legislators, for example. Participants have the option to save with pre-tax dollars or elect to contribute to a Roth 457(b) using after-tax dollars. As of Sept. 30, 2019, the New Mexico PERA SmartSave Deferred Compensation Plan had more than 22,000 participants representing approximately $632 million in assets under administration. The plan transitioned to Voya at the beginning of Oct. 2019.
“We are thrilled the Public Employees Retirement Board of New Mexico has placed its trust in Voya and selected us as the new recordkeeper for its supplemental 457(b) retirement plan,” said Heather Lavallee, president of Tax-Exempt Markets for Voya’s Retirement business. “Public employees — such as police officers, fire fighters and lawmakers — are the backbones of their communities. We look forward to a long relationship with New Mexico PERA and helping its members plan, invest and protect their savings so they can retire better.”
As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide plan members 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.
“The Public Employees Retirement Association has a responsibility to help New Mexico’s public employees build a secure financial future, and our supplemental 457(b) plan is a great option to help our members put aside additional retirement dollars for tomorrow,” said Wayne Propst, executive director, Public Employees Retirement Association of New Mexico. “Through our new partnership with Voya Financial, we’re excited to provide our members with access to easy-to-use digital tools, educational materials and professional advice to help them achieve the retirement they always envisioned for themselves.”
Voya Financial’s Retirement business serves clients of all sizes and across all sectors, including employers in the 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 $560 billion in total assets under management and administration as of June 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.
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