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Voya reports early post-conversion activity for Oklahoma City plans; staff ask for quarter of data
Summary
Voya staff presented a 30-day snapshot after the city’s recordkeeper conversion, reporting higher plan assets, participant transfers out to Schwab and Vanguard, and call-center and education activity; Voya recommended waiting a full quarter for more robust statistics.
Voya representatives told the Oklahoma City Deferred Compensation Board on March 3, 2025, that they have 30 days of data since the recordkeeper conversion and expect fuller quarterly statistics to give a clearer picture of participant behavior.
The Voya presenter summarized early plan balances as of Jan. 31: the 457 deferred compensation plan was about $11 million higher than at conversion, at approximately $475 million; the money purchase (open) plan was about $650,000 higher at roughly $15 million; and the money purchase (closed) plan was about $750,000 higher at about $38 million. The presenter attributed increases to a mix of investment gains and incoming…
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