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Committee approves St. Mary's County 457(b) plan summary showing $23.7 million in assets
Summary
The governance committee received Voya’s 2024 plan summary showing a $1.5 million increase in assets to $23.7 million, approved the summary, and was briefed on participant engagement metrics and upcoming small‑balance distributions.
Sarla, a Voya plan representative, presented the 2024 Voya 457(b) plan summary to the St. Mary's County governance committee on Feb. 27, reporting a beginning balance of $22,200,000 and an ending balance of $23,700,000. “There was $1,700,000 added through payroll contributions, which was about a 19.86% increase compared to the prior calendar year,” Sarla said. She reported that 92% of contributions were pre‑tax and that distributions for the year totaled $3,100,000 across 61 participants.
Sarla gave participant‑engagement and account metrics: 56 new accounts were established (about a 14.2% increase year over year),…
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