WINDSOR, Conn., June 27, 2016 /PRNewswire/ -- Voya Financial,
Inc. (NYSE: VOYA) announced that its Retirement business has been
selected as the exclusive provider of administrative and
recordkeeper services for the State of
Delaware's 457(b) Deferred Compensation Plan, 401(a) Match
Plan, and 403(b) Plan. An estimated 38,950 public employees are
eligible to participate in the Plans. These employees include
government workers, first responders, public safety officers, and
educators and administrators from the K-12 public school districts,
charter schools and certain higher education institutions. The
Plans hold approximately $962 million
in aggregate assets as of March 31,
2016.
The transition project is underway with full conversion expected
in fall of 2016. Through the conversion, ongoing notifications will
be sent to participants. These notifications will allow
participants ample time to make informed decisions about their
voluntary retirement plans. Last week, Voya began sending initial
direct communications to existing participants announcing these
exciting changes.
Voya was chosen as the State of
Delaware's strategic retirement partner through a
competitive search process conducted by the State's Deferred
Compensation Council. The Council was assisted by Cammack
Retirement Group, a consultant engaged by the Council to conduct a
thorough review of the Plans. The overarching goals of the request
for proposal were to streamline the administration and lower the
costs of the Plans and place greater emphasis on client-facing
enhancements to participants.
"I am proud to be part of the Council dedicated to helping state
employees achieve retirement savings goals via this voluntary
retirement savings vehicle," said Charles
Campbell-King, State Employee Member At-Large. "After much
consideration, I strongly believe that selecting Voya as the single
recordkeeper for all Plans is the best strategy to keep the
State of Delaware moving
forward."
"State employees are Delaware's
greatest assets. The Council's decision reflects a strategic shift
from simply offering them a benefit to helping them achieve true
retirement readiness," said Ken
Simpler, the Council's Co-Chair and State Treasurer. "Voya's
platform for service, technology, product design, and customer
satisfaction ensures Delaware
participants a world-class retirement savings program."
"The Deferred Compensation Council made a significant decision
to consolidate its three retirement savings plans under a single
service provider, and we're pleased they placed their trust in
Voya," said Heather Lavallee,
president of Tax-Exempt Markets for Voya Financial. "This expanded
partnership and vote of confidence from the Council underscores
Voya's ability to serve some of the largest government plans in the
country. We look forward to a long and successful relationship as
we help the State's educators and public employees plan, invest and
protect their savings so they can be better prepared for
retirement."
As an industry leader and advocate for greater retirement
readiness, Voya Financial is committed to delivering on its vision
to be America's Retirement Company™ and its mission to
make a secure financial future possible — one person, one family,
one institution at a time.
Delaware Office of the State Treasurer Media Contact:
Martha B. Sturtevant
Executive Assistant to State Treasurer, Kenneth A. Simpler
Office: (302) 672-6702
Martha.Sturtevant@state.de.us
Voya Financial Media Contact:
Bill
Sutton
Public Relations
Manager
Office: (860)
580-2626
Cell: (315)
373-9685
William.Sutton@voya.com
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 million individual and institutional
customers in the United States,
Voya is a Fortune 500 company that had $11 billion in revenue in 2015. The company had
$458 billion in total assets under
management and administration as of March
31, 2016. 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™. The company
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 2016 World's Most Ethical
Companies® by the Ethisphere Institute, and as one of
the Top Green Companies in the U.S., by Newsweek magazine.
For more information, visit voya.com. Follow Voya Financial on
Facebook and Twitter @Voya.
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SOURCE Voya Financial, Inc.