Voya Financial has been selected Washington State Department of Retirement Systems’ (DRS) new record-keeper, according to an announcement from the financial services provider. Having won the bid, Voya will be administering $20 billion across 335,000 state and local government employees. The system spans eight individual retirement systems and 15 plans within those systems.
“DRS selected Voya as its new service provider and record keeper, given its long history and expertise supporting some of the largest government retirement plan systems in the country,” said Tracy Guerin, DRS director, in a statement. “Another differentiator was Voya’s willingness to partner with DRS to support customized services to help advance the financial wellness needs of our customers across the state of Washington.”
The customized services include "a live chat feature, online withdrawal for several plans and the ability to purchase [an] annuity online for Plan 3 TAP customers. TAP customers will also be able to see their annuity information online," said Adam Torgerson, spokesperson for Washington State DRS.
“We consider it a privilege that DRS has placed its trust in Voya to help tens-of-thousands of state and local government employees working in Washington build a secure financial future,” said Heather Lavallee, president of Tax-Exempt Markets for Voya’s retirement business. “We take this responsibility to heart at Voya.”