WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE:VOYA), announced that its Retirement business has been selected as the recordkeeper for the new Pennsylvania Public School Employees’ Retirement System (PSERS) Defined Contribution Plan.
The new PSERS standalone defined contribution plan was created under Act 5 of 2017 and requires the public employees of Pennsylvania to set aside funds from each paycheck toward their retirement. This new opportunity with PSERS involves a six-year contract term, subject to successful negotiations, and will be effective for all new-hire employees and eligible electing employees beginning July 1, 2019.
“We look forward to working closely with Voya to implement a best-in-class defined contribution plan,” said PSERS executive director Glen R. Grell. “Our staff is dedicated to maintaining the high quality and standards for excellence of the PSERS’ current defined benefit plan while implementing new defined contribution features. We have made tremendous progress with the selection of Voya to assist us in our goals. While there is much work remaining to implement the new benefit plan, I am confident that PSERS staff, together with Voya, will help meet this challenge.”
As part of its commitment to advancing the retirement readiness of Americans, Voya will provide plan members with localized support and access to industry-leading educational tools and resources. These include Voya’s myOrangeMoney® retirement-income-estimating capabilities and participant website experience, as well as communication and education programs designed to engage and motivate employees to save.
“Our teams are eager to help PSERS members make this new and important transition in their benefits program, and to support the broader retirement and financial wellness goals of the state’s public school employees,” said Heather Lavallee, president of Tax-Exempt Markets for Voya Financial. “We look forward to successfully launching the plan and forging a relationship that demonstrates how Voya can make a meaningful difference.”
Voya Financial’s Retirement business serves clients of all sizes and across all sectors, including employers in the government and other tax-exempt retirement plan markets. As a leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company® and on its mission to make a secure financial future possible — one person, one family, one institution at a time.
About Voya Financial®
Voya Financial, Inc. (NYSE:VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.7 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $541 billion in total assets under management and administration as of March 31, 2018. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute, one of the 2018 World’s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S. by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.