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Voya extends service relationship with City of Milwaukee retirement savings program
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Rhea-AI Summary
Voya Financial, Inc. (NYSE: VOYA) has been retained as the recordkeeper and service provider for the City of Milwaukee Deferred Compensation Plan, extending their partnership for five additional years. The plan, which supports 9,300 employees, holds approximately $1 billion in assets under administration. This relationship enables city employees to access administrative services, educational tools, and professional account management. Voya aims to enhance financial wellness and customer experience as they continue this collaboration with Milwaukee.
Positive
Voya retains a five-year agreement with the City of Milwaukee for its Deferred Compensation Plan.
The plan has approximately $1 billion in assets under administration, indicating strong financial health.
Continued access for city employees to comprehensive educational tools and planning services enhances employee retirement preparedness.
Negative
None.
WINDSOR, Conn.--(BUSINESS WIRE)--
Voya Financial, Inc. (NYSE: VOYA), announced today that it has been retained as the recordkeeper and service provider for the City of Milwaukee Deferred Compensation Plan.
Voya’s relationship with the City of Milwaukee began five years ago and was extended pursuant to a five-year agreement. The City of Milwaukee Deferred Compensation Plan is a voluntary 457(b) defined contribution plan that allows public employees of the city to set aside funds from each paycheck toward their retirement. Today, the plan represents approximately $1 billion in assets under administration and supports 9,300 participating members.
“We are excited to extend our relationship with Voya as we continue to focus on and build upon the integration of our financial wellness program, the team’s ongoing local education and strong organizational relationships,” said Beth Conradson Cleary, executive director, City of Milwaukee 457(b) Deferred Compensation Plan.
As the City of Milwaukee once again places its confidence in Voya as a trusted service provider for the city’s retirement savings plan, employees will continue to have access to administrative and recordkeeping services as well as a variety of educational and planning tools such as Voya’s enhanced participant website — including the myOrangeMoney® retirement calculator. Additionally, city employees will have access to in-plan advice and professional account management through Voya Retirement Advisors.*
“We are thrilled the City of Milwaukee has continued to place its trust in our team as we grow our relationship with them,” added Amy Heyel, VP, National Practice Leader of Government Markets for Voya Financial. “At Voya, we are committed to meeting the evolving needs of our customers and delivering a differentiated customer experience — and that’s what we intend to do for Milwaukee’s dedicated employees as they work to create a secure financial future.”
Callan, LLC assisted the City of Milwaukee with the retention of Voya as the plan’s recordkeeper.**
Voya is uniquely positioned in the market to serve retirement plans of all sizes and across all sectors, including employers in the government and other tax-exempt retirement plan markets. As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial is committed to delivering on its mission to make a secure financial future possible for all Americans — one person, one family, one institution at a time.
* Advisory Services provided by Voya Retirement Advisors, LLC (VRA).
** Callan, LLC is a separate entity and not a corporate affiliate of Voya Financial®.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans become well planned, well invested and well protected. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya is a Fortune 500 company that had $4.2 billion in revenue in 2021 and $739 billion in total assets under management and administration as of Dec. 31, 2021. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
