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June 26, 2020

Voya secures five-year extension of CalPERS contract

Photo | Contributed Windsor's Voya Financial.
By Matt Pilon

Voya Financial said its Windsor-based retirement unit has won a five-year extension of its recordkeeping contract for $1.7 billion of assets that are a part of California’s public retirement system.

Financial terms of the extension with the CalPERS Supplemental Income 457 Plan,  which was launched in 1995, were not disclosed.

The plan had approximately 32,000 eligible participants -- California public agency and school employees -- as of late May. More than 80 agencies there have adopted the plan in the past four years.

A 457 plan is similar to a 401(k) plan, but has additional advantages, such as the ability to withdraw money before age 55 without a 10% penalty, according to Voya.

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