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Council approves switch to Voya for retirement plans, engages Pension Solutions; group‑annuity item tabled
Summary
Council approved changing the city’s retirement plan recordkeeping from Empower to Voya and contracting Pension Solutions as third‑party administrator; an associated group‑annuity contract to recoup Empower exit charges was tabled for the next meeting.
The Moore City Council approved two companion items on Dec. 16 to change the city’s retirement plan recordkeeping and administrative arrangements. Steve Conkin, the city’s retirement adviser, summarized a process that solicited bids after dissatisfaction with Empower’s service; two finalists — Voya and Nationwide — were invited to present. Conkin said Voya was selected for its participant services and that switching is expected to save participants an estimated $9,000 annually across the 401(a) and 457(b) plans at current asset levels.
The council approved the change to Voya (item 16) and approved contracting with Pension Solutions, Inc. (PSI) to serve as third‑party administrator (item 17). PSI’s services were described as reviewing plan provisions, conducting compliance testing, preparing plan documents and assisting with the transition. A separate agenda item (item 18), a proposed group annuity contract with Standard Insurance Company intended to allow the city’s 401(a) plan to recoup Empower exit charges, was recommended by staff to be tabled and the council voted to table it until the next meeting.
Council votes were recorded by roll call for the approved items and for tabling item 18.
