Voya Financial Selected as Single Service Provider for St. Louis County, Missouri, Deferred Compensation Plan

Rhea-AI Summary

Voya Financial (NYSE: VOYA) has been selected to provide 457(b) recordkeeping and administrative services for the St. Louis County Deferred Compensation Plan, serving over 2,400 participants with approximately $153 million in assets. This decision follows a competitive bid process, consolidating the county's retirement services under one provider. Voya aims to enhance retirement readiness through localized support and educational resources, further solidifying its position in the government retirement market. The company recently welcomed 32 new governmental clients and achieved the No. 1 ranking in the governmental 457/401(a) market in 2020.

Positive

• Selected for St. Louis County's 457(b) plan, enhancing service portfolio.
• Plan represents $153 million in assets, increasing AUM.
• Added 32 new governmental clients and over 381,000 plan participants in the past year.
• Achieved No. 1 ranking in the governmental 457/401(a) market in 2020.

Negative

• None.

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business has been selected to provide 457(b) recordkeeping and administrative services for the St. Louis County, Missouri, Deferred Compensation Plan.

The St. Louis County Department of Administration provides benefits to its full-time employees, who include law enforcement personnel, firefighters and first responders. The county recently decided to consolidate its 457(b) supplemental retirement program to a single service provider and selected Voya after a competitive bid and evaluation process. The St. Louis County Deferred Compensation plan, which transitioned to Voya in the spring, serves more than 2,400 participants and represents approximately $153 million in assets, as of Sept. 30, 2020. This plan is a voluntary benefit for eligible employees and is intended to supplement the St. Louis Defined Benefit Pension Plan.

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^® interactive and educational 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 are thrilled to help the hardworking men and women of St. Louis County, Missouri — who proudly serve their community — save for retirement,” said Amy Heyel, SVP and national practice leader of Government Markets for Voya Financial. “With extensive experience supporting all types of retirement plans for large and small government clients across the U.S., Voya is excited to enter into this new relationship with St. Louis County. We look forward to helping its plan members advance their financial wellness goals and build a secure future.”

Voya is uniquely positioned to serve retirement plans of all sizes and across all segments, including the government market. In welcoming 32 new governmental clients and over 381,000 plan participants in the past twelve months, Voya achieved a milestone in 2020 — earning the No. 1 ranking in the governmental 457/401(a) market.¹

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.

1) Source: LIMRA Secure Retirement Institute TM1Q 2020 Not-For-Profit Markets survey of 23 participating companies. Government 457/401(a) total plan participants as of March 31, 2020.

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.

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