VRS Selects New Record Keeper for Defined Contributions Plans
The Virginia Retirement System (VRS) Board of Trustees has named Voya Financial to serve as the third-party record keeper for the VRS defined contribution plans (DCP) beginning January 1, 2025, subject to final contract negotiations. See news release.
The selection follows a comprehensive Request for Proposal (RFP) process in advance of MissionSquare Retirement’s current contract expiration in December 2024.
Voya will serve as record keeper for the following plans:
- Defined contribution component of the Hybrid Retirement Plan.
- Commonwealth of Virginia 457 Deferred Compensation Plan.
- Virginia Cash Match Plan 401 (a).
- Virginia Supplemental Retirement Plan.
- Optional Retirement Plan for Political Appointees.
- Optional Retirement Plan for School Superintendents.
In addition, Voya will become one of the provider choices for participants in the Optional Retirement Plan for Higher Education (ORPHE). The pending award to Voya does not affect TIAA’s contract with ORPHE. TIAA will continue to serve as one of the provider options for the higher education plan.
Working with Voya and MissionSquare, VRS anticipates an 18-month transition period before Voya assumes record-keeping responsibilities in January 2025. In turn, VRS will provide employers and members with information and transition details throughout the process.