VRS Transitioning to New DCP Record Keeper in 2025
The Virginia Retirement System Board of Trustees recently named Voya Financial as the third-party record keeper for the VRS Defined Contribution Plans (DCP) effective January 1, 2025. MissionSquare Retirement is the current record keeper and has served in this capacity since January 2014. VRS will provide retirees who continue to have funds in DCP accounts, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, with additional details as we prepare for the transition throughout 2024.
What does the record keeper do?
The defined contribution plans record keeper manages contributions to and distributions from plan accounts, works with investment managers selected by VRS and provides a call center, websites, participant education and communications to help you better understand your investment options.
Why is VRS changing record keepers?
Record keepers have a contract with VRS. State law requires VRS to periodically initiate requests for proposals, which allows the agency to evaluate service proposals from the current record keeper and other qualified vendors that are interested in serving as the record keeper. After a comprehensive review, VRS selects a vendor based on the evaluation criteria in the request for proposal. This process allows the agency to negotiate services and costs in order to continue providing members, retirees, employers and beneficiaries with superior customer service.
What does the change mean for plan participants?
Participant account details, investments, contribution elections and beneficiaries will automatically transition to Voya. However, there will be a few changes and actions you need to take, such as registering your account with Voya in early 2025. Please ensure your mailing address is up to date in myVRS and DCP Account Access since you will be receiving transition-related items by mail next year.
