The retirement business of Voya Financial Inc. has been selected as the new recordkeeperfor the City of Los Angeles Deferred Compensation Plan.
Under a five-year contract, Voya will provide administrativeand recordkeeping services to the plan as well as planning and decision-making tools.Additionally, Voya will provide education and communication programs.
The plan is a voluntary 457(b) defined contribution plan andrepresents approximately $4.9 billion in assets and more than 42,000 members asof June 30. Participants include first responders, police officers, firefighters,utility workers and other public employees.
The plan will transition to Voya's administrative platform in2017. Segal Consulting assisted the City of Los Angeles Board of Deferred Compensationin selecting Voya as its new service provider.