Windsor-based Voya Financial has been selected as the new service provider for the Indiana Public Retirement System Annuity Savings Account program.
The Indiana Annuity Savings Account program is part of a hybrid 401(a) government retirement system consisting of employer and employee contributions. The program accounts represent approximately $5.3 billion in assets under administration and have about 319,000 participating members. The opportunity with INPRS involves a potential five-year contract. The goal is to transition to Voya’s administrative platform in 2017, the company said in a statement.
In May, Voya said Nevada’s state government had 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.
Voya will provide administrative and recordkeeping services for the INPRS program as well as a variety of decision-making and planning tools.
