WINDSOR, Conn., March 14, 2016 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today that its subsidiary, Voya Institutional Plan Services, LLC, has been selected as the new recordkeeper for the City of Milwaukee Deferred Compensation Plan.
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. As of December 31, 2015, the plan represented approximately $773 million in assets under administration and nearly 7,500 participating members. This new opportunity with Milwaukee involves a five-year contract with the option for an extension. The plan is scheduled to transition to Voya's administrative platform in the fourth quarter of 2016.
"We are thrilled to partner with Voya to bring state-of-the-art retirement readiness visualizations and other best-in-class services to our participants," said Margaret Daun, executive director, City of Milwaukee Deferred Compensation Plan. "Additionally, we are excited about Voya's data-gathering and analysis capabilities that we hope will enable the plan, over time, to evaluate our overall effectiveness in helping our employees to retire at the desired time, to retire with dignity and to enjoy sufficient income throughout retirement."
As part of its commitment to advancing the retirement readiness of Americans, Voya will provide administrative and recordkeeping services for Milwaukee's retirement plan as well as a variety of decision-making and planning tools. This includes Voya's enhanced participant website, which features the award-winning myOrangeMoney® retirement income planning capability. Voya's state-of-the-art Retirement Readiness Service Center support teams will also be available for members.
"Helping Americans build a secure financial future is not only a privilege, but a responsibility we take to heart at Voya Financial," said Carolyn Johnson, president of Annuities and Tax-Exempt Markets for Voya Financial. "We're pleased to have the opportunity to support the hardworking men and women who serve Milwaukee — this is the largest city in Wisconsin and our new relationship underscores Voya's ability to work with all types of government clients, including some of the biggest municipalities in the country. We look forward to successfully growing this partnership and helping Milwaukee's public employees plan, invest and protect their savings so they can retire better."
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.
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 $452 billion in total assets under management and administration as of Dec. 31, 2015. 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 or view the company's 2014 annual report. Follow Voya Financial on Facebook and Twitter @Voya.
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SOURCE Voya Financial, Inc.