Art Institute of Chicago hired Voya Financial as record keeper of its two 403(b) plans, spokeswoman Robin Day confirmed.
The museum's current record keepers are TIAA-CREF and Transamerica Retirement Solutions for its Defined Contribution Retirement Plan. Transamerica is the sole record keeper of the Retirement Savings Plan. The transition is expected in the first quarter of 2019, a Voya news release said. The reason for the change could not be learned by press time.
As of Dec. 31, 2017, the Art Institute of Chicago Defined Contribution Retirement Plan had $112 million in assets, according to the museum's most recent Form 5500 filing.
Also as of that date, the Art Institute of Chicago Retirement Savings Plan had $22 million in assets.
Ms. Day could not provide further information.