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Utah County selects Voya as retirement plan record keeper after close RFP
Summary
Following a three‑way short list and committee review, commissioners voted to award the county's retirement plan record‑keeper contract to Voya, citing employee benefit options and uncertainty over Prudential's pending acquisition.
Utah County commissioners approved selecting Voya as the county’s retirement‑plan record keeper after staff and the evaluation committee presented nine proposals and shortlisted Prudential, Voya and Fidelity. Committee materials returned Prudential and Voya as a near tie with Fidelity third; two commissioners noted Prudential’s ongoing acquisition as a risk for continuity of staff and services. County staff recommended Voya for features including stable‑value funds, managed account options and improved technology that may produce marginally better outcomes for county employees.
Tucker (staff) described the evaluation and said Voya has increased its government‑sector offerings and platform functionality in recent years. One commissioner favored Prudential’s lock‑in pricing and continuity with current provider; another cited the potential corporate acquisition as a reason to avoid Prudential despite competitive pricing. After deliberation, a motion to award the contract to Voya passed 3–0.
Staff said contract negotiations and final terms will follow the commission’s decision and that the selected provider will implement record‑keeping and participant‑facing services under a five‑year contract.
