The New York City Deferred Compensation Plan has hired Voya Financial as record keeper for its 457 and 401(k) plans, replacing Empower Retirement in mid-2019.
"The New York City Deferred Compensation Board selected Voya because they provided the best combination of technical merit and price for plan participants," Georgette Gestely, director of the New York City Employee Benefits Program, wrote in an email.
The two plans had an aggregate of $21.55 billion in assets as of Sept. 30.
"The selection was based on an RFP issued by the New York City Deferred Compensation Board for unbundled record-keeping services in accordance with their 2018 scheduled procurement calendar," Ms. Gestely wrote. The RFP was issued in June. Empower was invited to bid, and the board reviewed five candidates, she added.
Empower was initially selected by the board in 1996, she wrote. The Voya contract is for five years with a renewal option for five years, she added.
"We are honored that the city of New York has placed its trust in Voya as it makes this new and important transition with its retirement benefits program," Heather Lavallee, president of tax-exempt markets for Voya Financial, said in a news release issued Tuesday.