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October 31, 2019

Windsor’s Voya wins Hartford retirement contract

HBJ Photo | Joe Cooper Hartford City Hall at 550 Main St.
By Matt Pilon

Boasting a hometown win, Windsor-based Voya Financial said Hartford has awarded it a contract to provide investment and recordkeeping services for city and school retirement plans, which have $262 million in assets under administration.    

The defined-contribution plans -- which are more akin to 401(ks) than a traditional pension -- include the city’s 457(b) plan and Hartford Board of Education’s 403(b) and 457(B) plans, which combined consist of more than 4,300 active and non-active participants, according to Voya.

Retirement Plan Advisors, an independent consultant, assisted the city with the selection process.

Voya, which employs nearly 1,600 people at its retirement headquarters in Windsor, takes over as the single service provider for the plans, which were previously serviced by a number of other providers, including MassMutual, AXA, MetLife, Hooker & Holcomb, and others, according to City Treasurer Adam Cloud.

“Under the consolidation of services with Voya, plan participants will benefit from Voya’s helpful retirement planning tools and financial wellness programs; have access to online advice, managed accounts and personalized account guidance; and enjoy a significant decrease in fees and retirement plan costs,” Cloud said.

Leslie Torres-Rodriguez, superintendent of Hartford Public Schools, said some plan participants will see large reductions in overall fees compared to previous program costs.

The five-year contract is worth roughly $786,000 in revenue for Voya.

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