Voya Financial has announced that itsretirement business will continue to serve as the benefit servicesadministrator for Nestlé's U.S. employer-sponsored retirementsavings plans, the Nestlé Smart$aving Program.

In addition, TIAA-CREF has announced thatStevenson University has chosen it as the sole recordkeeper for theuniversity’s 403(b) plan. Stevenson is the third-largestindependent university in Maryland, with more than 4,400 studentspursuing bachelor’s, master’s and adult bachelor’s programs atlocations in Stevenson and Owings Mills.

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Voya’s relationship with Nestlé USA, part of Swiss-based NestléS.A., began in 2003 and has been extended pursuant to a five-yearagreement.

The Nestlé Smart$aving Program consists of three 401(k) plansand a nonqualified plan with nearly $4 billion in assets underadministration and approximately 45,600 participants.

The participation rate, according to Nestlé USA’s director ofsavings and retirement, Shirley Zabiegala, is 92 percent.

With approximately 13 million individual and institutionalcustomers in the U.S., Voya had $11 billion in revenue in 2014. Thecompany had $450 billion in total assets under management andadministration as of September 30, 2015.

Stevenson University’s plan consists of approximately $63million in assets for more than 700 employees.

The decision to name TIAA-CREF as sole recordkeeper came afterthe university conducted a full due diligence review of itsretirement plan with the assistance of Fiduciary InvestmentAdvisors, LLC, based in Windsor, Connecticut.

As a result of the review, Stevenson implemented a newinvestment menu that includes TIAA-CREF annuities; a series oftarget-date funds; and several nonproprietary mutual funds.

TIAA-CREF provides retirement services in the academic,research, medical and cultural fields. As of December 31, 2015, ithad $854 billion in assets under management.