Baptist Health Care, Pensacola, Fla., hired Voya Financial as record keeper of its defined contribution plans, spokeswoman Candy McGuyre confirmed in an email.
The health-care system issued an RFP in 2018 as the part of an effort to improve plan participation and lower participant expenses, among other goals, Ms. McGuyre confirmed.
Incumbent record keeper Transamerica Retirement Solutions was a finalist along with two other undisclosed firms. Voya became record keeper July 1.
Investment consultant AndCo Consulting assisted.
The health-care system's defined contribution plans — a 403(b) plan, 401(k) plan, a non-qualified deferred compensation plan and its Capital Accumulation Account Plan — have combined assets of $243 million.