Voya Financial, Inc. has announced that the Colorado Public Employees' Retirement Association (PERA) has chosen to extend its relationship with Voya's retirement business as exclusive recordkeeper for its 401(k), 457(b), and 401(a) defined contribution plans.
Voya has provided retirement services to Colorado PERA since 2004; the new contract extends the relationship until 2021.
In addition to providing recordkeeping and administrative services, Voya will also support PERA's education and marketing efforts to help employees prepare for retirement.
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Colorado PERA provides retirement and other benefits to more than 529,000 current and former educators, first responders, public safety officers, road and bridge workers, government employees and other public employees from more than 500 government agencies and public entities in the state. In 2014 it distributed $3.5 billion to retirees who live in Colorado.
PERA manages $47.7 billion in defined benefit and defined contribution assets.
The PERA 401(k) and 457 plans, known as PERAPlus, are voluntary plans and provide additional opportunities for PERA members who are enrolled in the defined benefit and PERA defined contribution plans to save for retirement.
The PERA 401(a) DC plan may be selected by certain state employees as their primary retirement savings plan. Cumulatively, the three PERA DC plans have approximately $3.5 billion in assets and more than 82,000 plan participants.
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