Voya Financial, which has a corporate campus in Windsor, said Nevada’s state government has selected it as the single provider for its voluntary retirement savings plan for public workers.
Approximately 39,000 state employees participate in the so-called deferred compensation program, which as of April 30 had $693 million in assets. MassMutual formerly managed $568 million of the assets.
The decision represents an expansion of Voya’s business in the Sagebrush State, where it has supported the program for more than a decade.
The contract with Voya, which became effective in the first quarter of the year, consolidates all of the program’s assets under Voya alone, according to the program’s website, which said the Voya contract guarantees a higher minimum interest rate and will save the state $475,000 in fees and expenses.
