Voya Financial, Inc. has announced that it has begun providing plan administration services for the DaVita Retirement Savings Plan.
Denver-based DaVita HealthCare Partners, Inc. is one of the largest providers of dialysis services, operating or providing administrative services at 2,200 outpatient centers across the U.S. and serving more than 170,000 patients.
The plan, which transitioned to Voya's administration platform on May 1, represents approximately $1.2 billion in assets and 60,500 participants.
Voya will be providing DaVita employees with decision and planning tools, along with communication and financial education programs.
Employees will also have access to the Voya participant website, along with its retirement income planning capability, as well as access to in-plan advice through Voya Retirement Advisors and financial planning via the Voya Financial Advisor network.
The announcement is a positive for Voya, which in March lost the business of Connecticut's three defined contribution plans. At that time, the state’s Office of the State Comptroller and members of the State Employees Retirement Commission chose Prudential Retirement to take over third-party administration of the Alternate Retirement Plan (offered to some employees in higher education as an alternative to the State Employee Retirement System plan) and the voluntary supplemental 457 deferred compensation and 403(b) plans.
Charles P. Nelson, formerly of GreatWest, joined Voya on May 1 as CEO of Retirement. In 2014, Voya had $11 billion in revenue; as of March 31 of this year, the company had $486 billion in total assets under management and administration.
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