Voya Financial Inc. announced 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.