Voya: OKC deferred plans show strong digital engagement, steady distributions in Q2
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Summary
Voya presented quarterly engagement and cash-flow data to the Oklahoma City Deferred Compensation Board, reporting high account registration and mobile use, several million dollars of distributions in Q2 and ongoing beneficiary/outreach work.
Trampus Scribe, a Voya representative, told the Oklahoma City Deferred Compensation Board on Aug. 20 that digital engagement among plan participants is strong and that the plans experienced net distributions in the second quarter.
Scribe said the 457 plan had “a little over 4,889 participants with account balances,” and that the plan’s average savings rate was about 8.1%. He reported an average account balance “right around 98,000” in the 457 plan. For the 401(a) plans, Scribe said the 401(a) participant counts and balances differed, and that “as of 06/30, assets were right around 481,000,000 … 16,000,000 … and about 37,000,000,” language he used to summarize totals across plans.
The numbers matter because they show both participation and recent cash flows. Voya reported rollover contributions of about $261,000 in Q2, withdrawals of roughly $1,400,000, installment payments around $1,000,000 and terminations close to $11,000,000. Scribe summarized those outflows by saying the net cash flow out of the 457 plan was “right around 6,800,000.” He also reported that about 79 participants accounted for roughly $8,600,000 in full distributions and that about 398 individuals were taking installment payments.
The presentation highlighted participant interactions with Voya’s digital tools: roughly 56% of participants were registered on the website, about 25% used the mobile app and 20% had contacted the call center during the quarter. Scribe said roughly 1,500 participants receive e-delivery of statements and that about 2,700 participants were web-registered. On the call-center metrics, he reported average speed to answer within six seconds for the most recent month, an average handle time near eight minutes and “first-call resolution” at 100% for June and an average of 93.3% for the quarter.
Voya staff also described outreach and education efforts. Scribe said the on-site education team provided “55 days of education” to city employees during the quarter with monthly attendee counts rising from 102 in April to 198 in June. He called beneficiary outreach a continuing priority and said on July 2 “right around 1,206 people are missing beneficiaries,” down from about 1,258 earlier in the cycle. Planned third-quarter communications will emphasize account registration and cyber security, Scribe said.
Scribe and board members discussed where participant distributions are moving; Scribe listed common receiving firms by name, including Raymond James, Charles Schwab, Ameriprise, UBS and Edward Jones, and said Voya intends to continue education about plan fees and investment options to retain participants.
The presentation required no board action. Scribe closed by thanking trustees for their partnership and the board moved on to its next agenda item.
