By a News Reporter-Staff News Editor at Investment Weekly News -- Voya Financial, Inc. (NYSE: VOYA), announced that its Retirement business has been selected as the new single service provider for the City of San Mateo, Calif., defined contribution plans.
Effective second quarter, the new five-year relationship follows the City of San Mateo's decision to consolidate service providers for its voluntary 457(b) Deferred Compensation Plan as well as the administration of its Retiree Health Savings Account Program and 3121 Plans. The City previously utilized the services of five different providers and chose Voya as the sole provider pursuant to a competitive bidding process. The combined plans represent approximately $58 million in total assets.
"Our selection committee chose Voya as the City's sole provider based on higher-quality investment options, significantly lower fees, and superior services and tools to help participants with retirement planning," said Jay Castellano, interim benefits officer of Human Resources at the City of San Mateo.
As part of its commitment to advancing the retirement readiness of Americans, Voya will provide the City of San Mateo with full-service plan record keeping and administration support, including on-site resources for its employees. Voya representatives will educate eligible employees about investment options under the plan and assist them in their overall preparedness efforts. Voya will also assist the City in developing and executing targeted marketing campaigns designed to increase plan participation. In addition to localized support, employees will also have access to industry-leading tools and resources such as Voya's newly enhanced participant website, which features the award-winning myOrangeMoney® retirement income planning experience.
"Voya is committed to helping Americans get ready to retire better, and we are delighted the City of San Mateo has placed its trust in Voya to support its employees as they plan, invest and protect their savings for retirement," said Carolyn Johnson, president of Annuities and Tax-Exempt Markets at Voya Financial. "With our suite of holistic retirement readiness solutions, Voya can help participants with a broad range of activities -- from budgeting and protecting their financial security to understanding what their income needs will be once they stop working."
Voya Financial's Retirement business holds top-tier rankings in the defined contribution industry. 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 on its mission to make a secure financial future possible -- one person, one family, one institution at a time.
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