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Voya reports Roth 457 rollout, engagement gains and fund‑level activity for Oklahoma City plans
Summary
Voya told the board it rolled out a Roth 457 option with roughly 140 sign-ups in about 2½ weeks, reported engagement and demographic statistics, noted about a $13 million increase in plan assets, and described call center, chatbot and outreach metrics.
Adria, a Voya representative, presented the deferred compensation plans' fourth‑quarter update, highlighting a recent Roth 457 rollout, participant engagement metrics and fund‑level activity.
Adria said, "We rolled out Roth. We already have over a 140 participants that have signed up for Roth in just the last 2 and a half weeks," and noted that Secure 2.0 (section 603) requires tracking participants who earned more than $150,000 and are over age 50 for certain tax‑treatment rules. Voya staff also told trustees that plan assets increased this quarter (speaker cited "about 13,000,000"), with the Fidelity Contrafund remaining the largest holding in the 457 plan (about 24% of assets and roughly 55% of 457 participants holding some position in it).
Voya summarized participation and engagement data: 23% of the population identified as female and 77% male; overall participant engagement was reported at 68%; 74% of 457 participants were registered on the website and 72% used e‑delivery. On operations metrics, Voya reported 442 calls handled in the quarter with a 92.1% service level, 102 post‑call surveys averaging a 94.1 quality score, and 49 chatbot interactions (42 resolved by the bot, 7 escalated to representatives).
A trustee asked whether distributions hitting participants' bank accounts could post faster; Adria explained ACH timing: funds leave on set processing days and then depend on the receiving bank to post, noting typical timelines of three to five business days and that reducing that transit time is generally constrained by receiving‑bank processes.
Adria also announced she would be leaving the account and said she was "passing the torch to Shara Kerner," thanking Gina and Voya's team for the partnership.
The presentation concluded with the board moving and approving a motion to receive the consultant report; staff and advisers will continue monitoring fund performance, participant engagement, and operational issues such as distribution timing.
