Gear Up for DCP Transition: Don’t Miss Employer Meetings This Month

October 2024

The Virginia Retirement System will transition defined contribution plan record-keeping services from MissionSquare Retirement to Voya Financial (Voya) on January 1, 2025.

The change will affect the following plans:

Hybrid Retirement Plan – defined contribution component and Hybrid Cash Match 401(a)
Commonwealth of Virginia 457 Deferred Compensation Plan
Virginia Cash Match Plan
Optional Retirement Plan for Higher Education
Optional Retirement Plan for Political Appointees
Optional Retirement Plan for School Superintendents
Virginia Supplemental Retirement Plan

Attend a Transition Meeting

Throughout this month, Voya will hold online employer meetings about the upcoming record keeper transition.

For employers participating in a VRS defined contribution plan

Employers offering the COV 457 Plan

The following sessions include information specific to administration of the COV 457 plan.

By attending one of these sessions, benefit administrators and team members with roles in human resources and payroll will learn more about the transition, as well as process changes and improvements ahead. If a staff member can’t attend, recorded versions will be posted online.

The 60-minute transition meetings will include time for questions and will cover the following topics:

Introduction to Voya
Plan improvements
Key dates and tasks
Available resources
Communication strategies for participants

Sessions Planned for Employees

Participant meetings will start in late October and continue with post-transition dates into January.

Voya will bring best‐in‐class services, state‐of‐the‐art retirement readiness tools, access to professional investment advice and robust financial wellness support to all plan participants. We anticipate an enhanced experience to help your employees save and plan for the future.