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Voya reports higher registration and steady balances; Roth 457(b) options to mirror existing plan
Summary
Voya told the Oklahoma City Deferred Compensation Board that participant engagement and eDelivery increased considerably this quarter, average savings rate is 8.2%, average participant balance is about $103,000, and Roth 457(b) investment options will mirror existing plan choices; trustees asked questions and accepted the presentation.
Voya presented quarterly statistics to the Oklahoma City Deferred Compensation Board on Nov. 19, reporting higher participant registration and digital engagement alongside steady average balances.
The Voya presenter said plan enrollment and engagement metrics showed improvement: eDelivery and web registration rose substantially (registration rose into the high‑50s percent range overall and eDelivery increased about 20 percentage points from the prior quarter). The presenter summarized participant demographics: “Your average savings rate at 8.2,” median participant salary of about $89,000, average participant age of 48 and an average savings balance near $103,000. Voya also reported that all three plans experienced negative cash flow this quarter, which the presenter attributed to market‑sensitive distributions and larger individual withdrawals.
Voya described outreach and education activities, including onsite sessions for fire and police and automated communications such as ‘save more and restart,’ beneficiary outreach and managed‑account messaging. The presenter said Roth functionality will be available in coming plan cycles and included an appendix on Roth for trustees to review.
Trustees asked about recent fund movements (noting outflows from the Fidelity Contrafund to stable value and Russell small‑mid funds) and about a September dip in call‑center service levels; Voya staff attributed the call‑center change to higher call volume related to market movements. The board accepted the presentation and had no formal action on the Voya material beyond discussion.
The presentation provided the trustees with data to guide participant communications and to inform upcoming Roth implementation work.
