Retiree News

Voya Financial will be the third-party record keeper for the VRS Defined Contribution Plans (DCP) effective January 1, 2025, succeeding MissionSquare Retirement, which has served as record keeper since 2014.

If you participate in a VRS DCP plan like the Commonwealth of Virginia 457 Deferred Compensation Plan, your Account Access details, investments (investment lineup will not change) 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. Installments and Required Minimum Distribution payments will generally continue as scheduled following the transition, although there might be slight changes to the timing.

Beginning December 21, you will no longer be able to initiate transactions with MissionSquare. This includes requesting a withdrawal, submitting rollover forms, changing investment selections and transferring balances to other funds. Your funds will remain invested and continue to receive any earnings during the transition period. In early January, you can resume these transactions with Voya.

How to Prepare for the Change

1. Confirm, add or update your contact information in myVRS and DCP Account Access. This helps secure your accounts and ensures VRS can reach you with transition-related information.
2. Log in to your DCP accounts before the transition to download any historical documents you may need, such as past account statements and tax forms. Historical information will not be retained after June 30, 2025.
3. Visit the Voya Financial participant website to learn more. For general inquiries about Voya and the transition, call 833-625-0115.