Voya will become the record keeper for VRS defined contribution plans, starting January 1, 2025.
VRS has selected Voya Financial® to serve participants* in VRS Defined Contribution Plans (DCP).
Voya will succeed MissionSquare Retirement, whose contract ends in 2024. Voya is a leading health, wealth and investment company that helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected.
Beginning January 1, 2025, Voya will assume record-keeping responsibilities for these VRS plans:
- Hybrid Retirement Plan (defined contribution component)
- Hybrid Cash Match Plan 401(a)
- Commonwealth of Virginia 457 Deferred Compensation Plan
- Virginia Cash Match 401(a)
- Optional Retirement Plan for Political Appointees
- Optional Retirement Plan for School Superintendents
- Optional Retirement Plan for Higher Education (joining TIAA as one of the provider choices)
- Virginia Supplemental Retirement Plan
Bookmark this page to stay informed throughout the transition to Voya. The transition should involve minimal reporting changes for employers.
* Participant refers to DCP participants and members of the Hybrid Retirement Plan, which has a defined contribution component.
What you need to know and do
Participant Records
- Participant account details, investments, contribution elections and beneficiaries will automatically transition to Voya. Participants are not required to take any action at this time. However, as we prepare for the transition, remind employees to ensure their mailing address is up to date in myVRS.
- Voya will mail each account holder a personal identification number (PIN). Participants will need their PIN to register and access the account(s), once transferred to Voya.
- Participants' existing balances will remain invested as their accounts transition to Voya.
- Employers should continue deducting contributions automatically from each paycheck, which will be invested in employees' accounts.
Investment Options
- We do not anticipate that the investment lineup available to participants will change as a result of the transition. VRS will continue to select the investments, and Voya will provide administrative services, account management and participant education.
Key dates for the transitionThe transfer of Plan records from MissionSquare to Voya will happen automatically. Participants' existing balances will remain invested, and their contributions will continue to be deducted automatically from their paycheck and invested in their account.
No participant action is needed at this time. Please be aware of the key dates below.
| Date* | Activity |
|---|---|
| December 20, 2024 After 4 p.m., ET |
Transition period starts at MissionSquare Participant account access is restricted, and plan accounts begin to transfer to Voya. |
| December 31, 2024 | Contribution Blackout Last day for MissionSquare to process contributions. |
| Week of January 6, 2025 |
Transition period ends. Participant accounts are live at Voya. Full account access and transaction capabilities will be available online and by phone. |
* Dates may change