VRS is preparing to change record keepers for its defined contribution plans in January 2025. The VRS Board of Trustees named Voya Financial to succeed MissionSquare Retirement, who has served in this role since 2014.

Which Plans Will Be Record Kept by Voya?

  • Commonwealth of Virginia 457 Deferred Compensation Plan.
  • Virginia Cash Match Plan 401(a).
  • Hybrid Retirement Plan (defined contribution component).
  • VRS-sponsored optional retirement plans for:
    • Political appointees (ORPPA)
    • School superintendents (ORPSS)
    • Higher Education faculty (ORPHE) (one of the two provider choices)

Why Is VRS changing record keepers?

Record keepers have a contract with VRS. State law requires VRS to periodically initiate requests for proposals, which allows the agency to evaluate service proposals from the current record keeper and other qualified vendors. After a comprehensive review, VRS selects a vendor based on the evaluation criteria in the request for proposal.

What Does the Record Keeper Do?

  • Manages contributions to and distributions from plan accounts.
  • Works with investment managers selected by VRS to complete transactions.
  • Provides a call center, websites, participant education and communications to help you better understand your investment options.

What Does the Change Mean for Plan Participants?

Participant account details, investments, contribution elections and beneficiaries will automatically transition to Voya in early January 2025.

Watch for participant communications from VRS and Voya starting this fall to alert you to an investment blackout period that will occur while accounts move from MissionSquare to Voya. You will also receive instructions on when and how to register your online account with Voya in early 2025.

Update Your Contact Information

Take time now to confirm, add or update your contact information, including your mailing address, mobile phone number, email address and beneficiaries. You will need to update your beneficiaries in two places: DCP Account Access and myVRS (for defined benefit and life insurance). Providing these details now helps secure your online accounts and ensures that transition-related communications reach you.