Voya Financial, announced that CalPERS has extended — for another five years — its contract with Voya’s Retirement business, lengthening Voya’s more than two-decade relationship with CalPERS. Voya serves as the sole recordkeeping service provider for the CalPERS Supplemental Income 457 Plan.
Since 1995, CalPERS has provided a deferred compensation plan to public agency and school employers and their employees in California. The CalPERS Supplemental Income 457 Plan was designed to provide a low-cost, convenient way for state employees to save for retirement. More than 800 public agencies and schools across California participate. As of May 31, 2020, the CalPERS 457 Plan had over 32,000 eligible participants representing approximately $1.7 billion in assets under administration.
“For more than two decades, we have been offering a deferred compensation program to public agency and school employers and their employees. Our commitment remains the same — to provide a low-cost program with quality customer service to employers and CalPERS 457 Plan participants,” said Ken Hall, program manager, CalPERS Supplemental Income Plans. “Through our collaboration with Voya Financial, over 80 public agencies in California have adopted the CalPERS 457 Plan during the past four years — helping more hardworking Californians prepare for a secure financial future.”
As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide CalPERS 457 Plan participants 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 and achieve their financial wellness needs.
Read More: GlobalFintechSeries Interview with Patrick Turiano, Director of Marketing at Paysafe Group
