Vendors report asset growth and rising engagement in Mississippi optional retirement plan

CoreBridge, TIAA and Voya presented annual reviews of the Mississippi Optional Retirement Plan (ORP) on Oct. 17, telling the Public Employees Retirement System of Mississippi committee that plan assets and participant engagement have increased while vendors expand local outreach and online tools.

CoreBridge Relationship Manager Phil Saxton said the firm has redesigned participant dashboards and added a “financial wellness center” to make information easier to find. "Participants told us they want less white space on the website," Saxton said, describing recent user feedback and a new account dashboard. He said CoreBridge has added a dedicated marketing consultant for the Mississippi ORP and that advisers are conducting outreach across campuses.

CoreBridge local adviser Jane Mapp described the on‑the‑ground adviser team: "We have 6 advisers in Mississippi all across the state," she said, listing campus visits and outreach activities that include in‑person and virtual financial wellness sessions for employees and families.

TIAA reported asset and enrollment growth and said target‑date options continue to attract the majority of contributions. TIAA Market Leader Tim O'Donnell told the committee that the plan’s assets under TIAA rose about 13% year‑over‑year, and that 63% of active participants are contributing to a target‑date option. He also said target‑date options accounted for roughly half of plan contributions during the reporting period and that education and advice meetings have increased in usage.

Voya reported plan assets and new enrollments from its ORP segment. Regional Vice President Danielle Greenlee told trustees that Voya’s tools — including a web‑based financial wellness assessment — prompt action: "After engaging in that tool, 94% of users have taken action to try to improve their situation," Greenlee said. Local adviser Marcus Kinkade described one‑on‑one support for employees and stressed the importance of helping new hires decide between ORP and PERS: "When somebody foregoes the PERS plan, they are passing up a huge benefit," Kinkade said, noting that advisers use meetings, seminars and phone appointments to help employees understand options.

Across presenters, vendors emphasized similar themes: (1) the majority of active contributors are using target‑date or multi‑asset funds, (2) advisers are increasing face‑to‑face and virtual outreach at universities, and (3) vendors are investing in digital account tools and follow‑up to convert outreach into participant action. CoreBridge highlighted a roughly 24% increase in plan assets between 06/30/2023 and 06/30/2025 in its slides; Voya provided a plan asset figure of $652,733,760 as of 06/30/2025 and reported 242 new enrollments in the most recent fiscal year.

No contractual changes or plan design votes were taken during the vendor presentations. Trustees asked questions about demographic trends, the growth of target‑date flows, and whether longer retiree lifespans change plan behavior; presenters said ORP is a defined contribution arrangement and steps such as advice and managed accounts are used to help participants plan for longevity.

Vendors said they will continue campus outreach, webinars and drip‑email campaigns tied to financial‑wellness topics, and that they track meetings and follow‑ups to measure conversion into advice sessions or account logins. Committee members requested continued updates on participation trends and the effectiveness of adviser outreach.

Ending: Trustees heard the vendors’ reports as part of the committee’s annual ORP review; vendors will return data as requested, and staff will continue monitoring enrollment, contribution flows and whether outreach is translating into higher active participation and balances.