Searches and Hires

Washington state taps Voya Financial as record keeper for 4 DC plans

Washington State Department of Retirement Systems, Tumwater, hired Voya Financial as record keeper for its $4.4 billion 457 plan, as well as three Plan 3 defined contribution plans whose investments are overseen by the $128.1 billion Washington State Investment Board, Olympia, spokesman David Brine said in an email.

The department issued an RFP in November. Incumbent record keeper Empower Retirement was the other finalist.

The Plan 3 DC plans are the defined contribution components of hybrid plans of the Teachers' Retirement System, School Employees' Retirement System and Public Employees' Retirement System, and have combined assets of $13.7 billion.

The Plan 3 DC plans have six investment options, a target-date fund lineup managed by AllianceBernstein (AB) and a WSIB program called the total allocation portfolio. The 457 plan has seven investment options and the same target-date fund lineup.

Investment consultant Cammack Retirement Group assisted.