Voya Selected as New Service Provider for New York City Deferred Compensation Plan
NEW YORK--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE:VOYA), announced today that through a recent competitive proposal process, its Retirement business was selected to become the new recordkeeper and service provider for the New York City Deferred Compensation Plan (DCP).
The DCP offers eligible employees of New York City many ways to save for retirement. The DCP comprises a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) savings options, along with a New York City Employee (NYCE) IRA Program. As of Sept. 30, 2018, all plans under the program represented approximately $21.6 billion in assets under administration and 205,000 participating accounts. The DCP is scheduled to transition to Voya in the second half of 2019.
In addition to its comprehensive and flexible plan administration services, and as part of its commitment to advancing the retirement security of all Americans, Voya will provide DCP members with access to industry-leading web and mobile planning tools and customized administration capabilities to support the unique on-site service and administration model of the New York City Deferred Compensation Plan.
“We are honored that the city of New York has placed its trust in Voya as it makes this new and important transition with its retirement benefits program,” said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. “With a focus on purposeful innovation and a unique culture that is centered on delivering exceptional service, Voya is committed to helping our clients and participants achieve their broader retirement goals. We look forward to building a long-term relationship with the city and making a meaningful difference as we support its employees to and through retirement.”
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 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $543 billion in total assets under management and administration as of September 30, 2018. 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 2018 World’s Most Ethical Companies® by the Ethisphere Institute; one of the 2018 World’s Most Admired Companies by Fortune magazine; 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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