Voya Financial has announced that its retirement business will continue to serve as the benefit services administrator for Nestlé's U.S. employer-sponsored retirement savings plans, the Nestlé Smart$aving Program.
In addition, TIAA-CREF has announced that Stevenson University has chosen it as the sole recordkeeper for the university’s 403(b) plan. Stevenson is the third-largest independent university in Maryland, with more than 4,400 students pursuing bachelor’s, master’s and adult bachelor’s programs at locations in Stevenson and Owings Mills.
Voya’s relationship with Nestlé USA, part of Swiss-based Nestlé S.A., began in 2003 and has been extended pursuant to a five-year agreement.
The Nestlé Smart$aving Program consists of three 401(k) plans and a nonqualified plan with nearly $4 billion in assets under administration and approximately 45,600 participants.
The participation rate, according to Nestlé USA’s director of savings and retirement, Shirley Zabiegala, is 92 percent.
With approximately 13 million individual and institutional customers in the U.S., Voya had $11 billion in revenue in 2014. The company had $450 billion in total assets under management and administration as of September 30, 2015.
Stevenson University’s plan consists of approximately $63 million in assets for more than 700 employees.
The decision to name TIAA-CREF as sole recordkeeper came after the university conducted a full due diligence review of its retirement plan with the assistance of Fiduciary Investment Advisors, LLC, based in Windsor, Connecticut.
As a result of the review, Stevenson implemented a new investment menu that includes TIAA-CREF annuities; a series of target-date funds; and several nonproprietary mutual funds.
TIAA-CREF provides retirement services in the academic, research, medical and cultural fields. As of December 31, 2015, it had $854 billion in assets under management.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
