Dominion Energy Inc., Richmond, Va., hired Voya Financial as third-party administrator of four 401(k) plans.
The utility company chose Voya as the result of the company's process of periodically reviewing the market for all of its benefit plans, company spokesman C. Ryan Frazier said in an email.
He would not provide further information on the names of incumbent third-party administrators and whether they were part of that process.
According to an 8-K filing with the SEC, a blackout period for participants will begin at 4 p.m. EDT on March 24 and end no later than the week of April 6.
As of Dec. 31, 2018, the Dominion Energy Salaried Savings Plan had $3.2 billion in assets; the Dominion Energy Hourly Savings Plan, $447 million; the Dominion Energy Ohio Union Savings Plan, $213 million; and the Dominion Energy Transmission & West Virginia Union Savings Plan, $144 million, according to the company's most recent 11-K filings.