The state of Nevada Public Employees Deferred Compensation Program chose Voya Financial, Inc.s retirement business to serve as its single service provider.
Voya has worked with Nevadas retirement system for 11 years. The program recently expanded and the Nevada Deferred Compensation Committee consolidated all program assets with Voya Financial.
The state of Nevada Public Employees Deferred Compensation Program is a voluntary 457(b) deferred compensation plan designed to supplement other retirement savings and pensions. About 39,000 eligible employees participate in the program, including those from the state, the Nevada System of Higher Education and from various state political subdivisions.
As of April 30, 2015, the plan represented about $693 million in total assets, roughly $568 million of which transitioned from a former service provider.
As part the agreement, Voya will provide the state of Nevada Public Employees Deferred Compensation Program and its program members with full service plan record keeping and administration services, including on-site service to all regions of the state. Voya representatives will educate eligible employees about investment options under the plan and assist them in their overall preparedness efforts. Voya will also assist the state in the development and execution of targeted marketing campaigns designed to increase plan participation.
With a relationship spanning more than a decade, were privileged that the state of Nevada decided to expand our partnership and make Voya the single service provider for its 39,000 employees, said Carolyn Johnson, president of Annuities and Tax-Exempt Markets for Voya Financial. We are committed to providing our clients including some of the largest retirement systems in the country with the guidance and support they need today so their employees are emotionally and financially ready for retirement tomorrow.
Voya Financial, Inc. is composed of retirement, investment and insurance companies serving the financial needs of about 13 million individual and institutional customers in the United States.
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