Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business has been selected as the new record-keeper for the Washington State Department of Retirement Systems (DRS). Cammack Retirement Group, an independent defined contribution plan consultant, assisted DRS in its competitive bid and evaluation process.
DRS serves a diverse population of 335,000 state and local government employees working in Washington — including firefighters, teachers and police officers. DRS administers one of the most complex retirement systems in the U.S., which consists of eight individual retirement systems with 15 different plans within those systems. DRS also administers the state’s Deferred Compensation Program, which is a supplemental savings program for state and local government employees. Effective Sept. 21, 2020, DRS transitioned more than $20 billion in assets under administration to Voya’s record-keeping platform.
"The Washington State Department of Retirement Systems’ mission is to provide expertise, tools and services to help its customers prepare for and experience a secure, successful retirement," said Tracy Guerin, DRS Director. "To help us fulfill this commitment, DRS selected Voya as its new service provider and record-keeper, given its long history and expertise supporting some of the largest government retirement plan systems in the country. Another differentiator was Voya’s willingness to partner with DRS to support customized services to help advance the financial wellness needs of our customers across the state of Washington."
As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide DRS customers 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 goals.
"We consider it a privilege that DRS has placed its trust in Voya to help tens-of-thousands of state and local government employees working in Washington build a secure financial future," said Heather Lavallee, president of Tax-Exempt Markets for Voya’s Retirement business. "We take this responsibility to heart at Voya. As a top provider of retirement plans in the government market, we have the experience, tools and resources — supported by an incredibly dedicated and talented team — to provide the guidance and support that DRS customers need to help them 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 $7.5 billion in revenue in 2019. The company had $606 billion in total assets under management and administration as of June 30, 2020. 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 a 2020 World’s Most Admired Company by Fortune magazine; 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.
Cammack Retirement Group is a separate entity and not a corporate affiliate of Voya Financial®.
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