Voya Financial, Inc. has announced that its subsidiary, Voya Institutional Plan Services, LLC, has been chosen as the new service provider for the City of Milwaukee Deferred Compensation Plan.
The plan is scheduled to transition to Voya's administrative platform in the fourth quarter of 2016.
The City of Milwaukee 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.
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As of December 31, the plan represented approximately $773 million in assets under administration and nearly 7,500 participating members. Milwaukee's choice of Voya as recordkeeper involves a five-year contract with the option for an extension.
Voya will provide administrative and recordkeeping services for Milwaukee's retirement plan, as well as a variety of decision-making and planning tools that include Voya's enhanced participant website, along with its retirement income planning capability. Voya's retirement readiness service center support teams will also be available for members.
"[W]e are excited about Voya's data-gathering and analysis capabilities that we hope will enable the plan, over time, to evaluate our overall effectiveness in helping our employees to retire at the desired time, to retire with dignity and to enjoy sufficient income throughout retirement," Margaret Daun, executive director, City of Milwaukee Deferred Compensation Plan, said in a statement.
Voya, a Fortune 500 company that had $11 billion in revenue in 2015, serves the financial needs of approximately 13 million individual and institutional customers in the U.S. The company had $452 billion in total assets under management and administration as of December 31.
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