WINDSOR, Conn., Sept. 23, 2016 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business has been selected as the new recordkeeper for the City of Los Angeles Deferred Compensation Plan.
The City of Los Angeles 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. As of June 30, 2016, the plan represented approximately $4.9 billion in assets and more than 42,000 members. Participants include first responders, police officers, firefighters, utility workers and other public employees of the city. This new opportunity with the City of Los Angeles involves a five-year contract and will transition to Voya's administrative platform in 2017.
"Helping Americans build a secure financial future is a mission we take very seriously at Voya, and we're proud the City of Los Angeles selected us as its new service provider," said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. "Los Angeles is the second largest city in the U.S., and this new relationship underscores Voya's ability to serve all types of government clients — including the largest municipalities in the country. We look forward to successfully growing this partnership and helping Los Angeles' public employees plan, invest and protect their savings so they can retire better."
As part of its commitment to advancing the retirement readiness of Americans, Voya will provide administrative and recordkeeping services to the City of Los Angeles Deferred Compensation plan — as well as a variety of planning and decision-making tools. Additionally, Voya will provide education and communication programs designed to engage and motivate participants to save.
Segal Consulting assisted the City of Los Angeles Board of Deferred Compensation in selecting Voya as its new service provider.
As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America's Retirement CompanyTM and its mission to make a secure financial future possible — one person, one family, one institution at a time.
Office: (860) 580-2626
Cell: (315) 373-9685
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 $466 billion in total assets under management and administration as of June 30, 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.