WINDSOR, Conn., June 22, 2017 /PRNewswire/ -- Voya Financial, Inc. (NYSE: VOYA), announced today that its Retirement business was selected as the new recordkeeper for the County of Kern, California, Deferred Compensation Plans.
The Kern County plans include the County of Kern Deferred Compensation Plan and County of Kern Part-Time, Seasonal, Temporary Deferred Compensation Plan. As of March 31, 2017, the plans represent nearly $475 million in assets and approximately 13,000 participants. Those participants include first responders, police officers, firefighters, utility workers and other public employees of the county. In addition to recordkeeping services, Voya will also provide investment management and administration for the plans' stable value fund. The transition to Voya's platform is scheduled to take place in the fourth quarter of 2017.
"We conducted a very rigorous search to make sure the provider we selected was able to meet the retirement savings needs of our participants and the overall objectives of our plan," said Jordan Kaufman, Kern County Treasurer-Tax Collector. "Throughout the process, our selection committee was very impressed with Voya's comprehensive set of products and services, in particular its innovative retirement-planning tools, the flexibility of its investment platform and Voya's well-established stable value investment management expertise. We look forward to working with Voya to help our employees better prepare for a secure retirement."
In addition to recordkeeping and stable value fund administration, Voya will provide education and communications programs designed to engage and motivate participants to save.
Voya's Retirement business currently administers retirement plans for some of California's largest tax-exempt employers, including public K-12 school districts, not-for profit hospitals, and government clients such as the City of Los Angeles, the California State Teachers' Retirement System and the County of San Bernardino.
"In addition to our breadth of solutions and deep government sector plan administration experience, we wanted the Kern County team to recognize that Voya's true distinguishing quality is our people and the commitment we have to improving retirement outcomes for participants," said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. "With that focus guiding everything we do, we look forward to successfully growing our new partnership and helping the employees of Kern County plan, invest and protect their savings so they can build a more secure financial future."
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) 580-2671
Cell: (860) 402-9494
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 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $505 billion in total assets under management and administration as of March 31, 2017. 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 and has been recognized as one of the 2017 World's Most Ethical Companies® by the Ethisphere Institute, as well 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.