HomeMy WebLinkAbout3. Qualification and Experience Summary
The City of San Luis Obispo
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3. Qualification and Experience Summary
a. Please provide an explanation of how you meet each of the minimum qualifications set forth in
Section C: Minimum Qualifications.
1. Respondents must have a minimum of ten (10) years of experience administering
governmental Section 457 deferred compensation plans and must currently provide sole-
provider administration to a minimum of twenty (20) Section 457 deferred compensation
retirement plans with average assets of at least $50 million each.
Voya and its predecessor companies have been providing governmental 457(b) plans since 1979.
We currently serve 138 457 deferred compensation plans with assets over $50 million each, as of
March 31, 2026.
2. Any contract or service agreement must stipulate that there will be no front-end charges
and/or no back-end charges. In addition, there will be no restrictions or penalties associated
with any Plan- or participant-initiated transfers or withdrawals (including contract
termination), with the exception of capital preservation (stable value and/or Fixed or General
Account) equity wash and/or put provisions.
Additionally, proposals are required to “buy-out” any MVA that exists (see the plan chart
above). Your proposal must clearly describe the product and process used to “buy-out” the
MVA as well as any recovery periods or other product provisions required as part of the “buy-
out”, and the initial net rate must be clearly provided. Also note that the Fixed Account for
457(b) Record Keeper #3 will require 6 payments over 5-years and Record Keeper #1’s 12-
month Put for all plans was initiated 4/13/2026.
Confirmed.
3. The Proposing Firm must accurately and fully disclose all fund expense and revenue
sharing arrangements associated with all funds being offered within the Plans. Fixed or
General Account products will not be excluded from this requirement. Proposing Firms
offering such products must provide an accurate assessment of product expenses and
revenue remitted to the Proposing Firm.
Voya operates as “pure” recordkeeper. We determine the extent of work required to provide excellent
service and base our fee quote on that number. That fee, expressed as an annual per participant
charge, is the only revenue we are entitled to receive. If we receive any revenue sharing, we disclose
that to you and use that amount to offset our fees.
4. The Proposing Firm must accurately and fully disclose all expenses and revenue associated
with any service made available under the Plans. This includes services such as managed
accounts, investment advice, financial planning, and/or self-directed brokerage accounts.
Voya has developed comprehensive reports modeled after the ERISA requirements under section
408(b)(2), plan sponsor fee disclosure, and 404(a)(5), participant fee disclosure, regulations as a best
practice. These reports are posted to Voya’s websites (e.g., sponsor website, participant website and
TPA website, as applicable) with updates reflected on an ongoing basis. Physical mailings of the
participant fee disclosure are coordinated on an annual basis. Voya fee disclosure reports have
configurable text sections within a master template that allow for customization requests.
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5. The Proposing Firm must agree, under contract, not to sell and/or promote products not
directly affiliated with the Plan(s) unless given specific, written authorization by the City to do
so.
Our representatives hold appropriate licenses to engage in other lines of business including 529
College Savings Plans, Long Term Care, Disability, Life Insurance and Mutual Funds. While we know
employees need value and appreciate the opportunity to participate in retirement and other benefit
plans, these products would only be made available to our Representatives upon prior approval and
request of the City of San Luis Obispo (the City).
6. Respondents must commit to providing at least four (4) full days annually of virtual one-on-
one sessions, with the ability to provide additional virtual one-on-one sessions upon plan
sponsor request. Respondent must also commit to two (2) on-site education days at time of
the plan conversion/consolidation.
Confirmed.
7. Upon award of the contract, the selected Proposing Firm must be duly qualified to do
business in the State of California.
Voya has more than 4,800 plans in the State of California as of March 31, 2026.
8. The Proposing Firm must be able to transition and continue administration of existing Plan
loans and must commit to not charge set up fees on transferred loans.
Voya will map all the loan set-up data, i.e., original loan amount, start date and interest rate to
preserve the original amortization schedule. Rather than store payment history we would store the
last 12 months of balances from the time a payment is made. Before the plan goes live, Voya would
test the data to ensure the integrity of the loan amortization schedule.
Voya will process loans once the conversion is complete and assets have transferred to Voya.
9. The Proposing Firm must be able to transition and continue administration of existing
systematic distributions to participants and must commit to not charge set-up fees (if
applicable) on transferred directives.
Confirmed. Voya will process distributions and unforeseeable emergency withdrawals once the
conversion is complete and assets have transferred to Voya.
10. The organization must be able to offer a self-directed brokerage option.
Voya offers a self-directed brokerage option though the Charles Schwab Personal Choice Retirement
Account® (PCRA). PCRA reflects Schwab’s 50+ years of innovation and advocating for individual
investors. Adding PCRA to your lineup gives you the advantages of working with a company driven to
meet the needs of today’s investors through constant innovation, choice with value, and dedicated
service and support.
11. The Proposing Firm must be able to accommodate the joint administration of the Plans as
applicable and must be able to facilitate appropriate payroll processing, applicable account
transfers, and separate recordkeeping for each of the Plans.
Confirmed.
The City of San Luis Obispo
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12. The Proposing Firm must be willing to have representatives attend Committee meetings
one time per year virtually.
Confirmed. The Strategic Relationship Manager, Kim Anderson, will attend annual committee
meetings virtually. In-person meetings can also be accommodated upon request.
13. The Proposing Firm must have knowledge of and comply with all applicable County, State
of California and federal regulations regarding governmental retirement plans and investment
options. All applicable laws of the City and the State of California, whether substantive or
procedural, shall apply to this contract, and all statutory, charter, and ordinance provisions
that are applicable to City contracts shall be followed with respect to this contract.
With more than 4,800 plans in the State of California, Voya has significant knowledge, and will
comply with, all applicable County, State of California and federal regulations regarding governmental
retirement plans and investment options.
Further, all applicable laws of the City and the State of California, whether substantive or procedural,
shall apply to this contract, and all statutory, charter, and ordinance provisions that are applicable to
City contracts shall be followed with respect to this contract.
b. Please describe examples of your experience as a recordkeeper for the plan types listed above,
and how many years have you been providing recordkeeping services for each plan type.
For more than 50 years, Voya has been an industry leader focusing on the needs of public sector
employers and employees. We have been offering retiree healthcare solutions to public sector employers
for 26 years. We have an appreciation for the value that an HRA plan provides for an employer and its
employees as part of a holistic retirement and benefits package.
In addition, Voya and its predecessor companies have been providing defined contribution recordkeeping
and investment management services for 59 years. Specifically, we have offered 401(a) plans for 54
years, 457(b) plans for 47 years.
Voya is ranked #1 in the 2025 PLANSPONSOR Recordkeeping Survey in total governmental 457(b)
record kept assets and has consistently been one of the largest DC record keepers based on industry
rankings.
c. Please describe why you believe your firm would be a good fit as the City’s Recordkeeper.
Voya has a deep and long-standing presence in the government market, currently providing Retirement
solutions to 3,808 government plans representing over $224.1 billion in assets and over 3.9 million
participants1. The average client tenure of our government clients is 28.5 years, and we work hard to
provide the excellent service they expect. Voya is one of the top ranked providers in the Government
market with a client base that spans nearly 50 states and US territories.
Our size and market position can work as a powerful advantage – we have the scale to deliver plan
administration in a cost-effective manner and the flexibility to automate custom plan requirements. Voya
is ranked #1 in the 2025 PLANSPONSOR Recordkeeping Survey in total governmental 457(b) record
kept assets and has consistently been one of the largest DC record keepers based on industry rankings.
Voya is known for our tailored best practice solutions that address the goals and objectives of our clients’
retirement strategies. The vision of Voya is to clear your participants’ path to financial confidence for a
more fulfilling life. Our employees are focused on executing our mission to make a secure financial future
possible—one person, one family and one institution at a time. Our extensive scale and breadth of
product offerings are designed to help Americans achieve their retirement savings, investment income
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and protection goals. Our strategy is centered on preparing customers for “Retirement Readiness”—being
emotionally and economically secure and ready for their retirement.
We know governmental employers want to ensure their employees have a choice. As such, our open
architecture investment platform offers complete flexibility and transparency with fund options.
As the City contemplates a partner in the administration of its plans, we would suggest considering the
following additional key strengths for Voya:
We are built for retirement.
Voya administers plans across all market segments within retirement. We administer start-ups, as well as
some of the most complex tax-exempt market plans and large corporate market plans in the U.S.
Voya was named as one of the World’s Most Ethical Companies® for 11 consecutive years.1 Through
three principal business lines – Retirement, Investment Management and Employee Benefits – our
dedicated workforce of approximately 11,000 employees helps Americans plan for retirement, invest for
the future, and protect their savings.
Retirement gives us a broad and diverse reach, enabling us to assist Americans both individually and
through employer-sponsored retirement savings plans. As a top provider of retirement plan services and
products, Voya proudly serves sponsors and plans in the government, corporate, education and
healthcare including:
Over 67,418 plans administered with over 10 million plan participants1
Approximately $750 billion in assets under management and/or administration1
We innovate with a purpose.
To further strengthen our vision to clear your participants’ path to financial confidence for a more fulfilling
life, we are making meaningful investments to support growth, including expanding client service
resources, accelerating technology and digital leadership, and further enhancing the participant
experience -- especially for underserved groups like people with special needs and disabilities.
We understand that plan sponsors are playing an ever-increasing role in helping their employees prepare
for retirement. That is why, at Voya, a significant component of our development is, and will continue to
be, a well-planned Digital Strategy. Simply put, our Digital Strategy is the same as our Business Strategy:
Prepare your employees to be ready to retire when that time comes. We do this through our innovative
participant website, our myOrangeMoney® experience as well as our focus on Financial Wellness.
This also enables plan sponsors to connect with and educate their plan participants more effectively, as
well as help satisfy your all-important role as a fiduciary. Our recent and upcoming initiatives include a
significant focus on supporting Voya's vision to clear your participants’ path to financial confidence for a
more fulfilling life. We differentiate our customers' digital experience through ongoing enhancements to
Voya's award-winning myOrangeMoney retirement income experience as well as drawing upon "Voice of
the Customer" analytics.
As an additional resource and further insight into how we can help drive positive customer outcomes,
Voya’s Behavioral Finance Institute for Innovation, is a research initiative focused on gaining deeper
insights into the behaviors and decisions of Americans regarding their financial and retirement planning
activities. What makes the Voya Institute so unique is our emphasis on science, and the fact that we
collaborate with the top academics in the field. At the same time, this research isn’t abstract – it’s geared
towards improving outcomes right away leveraging digital experiences. Randomized controlled tests are
underway to determine how visual cues can prompt higher savings rates and better enrollment results.
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Our unique culture sets us apart.
Our culture attracts people that are passionate about serving others—a passion that extends into the
communities we serve. We strive to do the right thing, the right way and seek to make a real, genuine
difference in the lives of our customers. Through our Voya Cares™ program we can help transform and
strengthen your organization from the inside out to be more inclusive and supportive of those with special
needs and disabilities as well as their caregivers. People with special needs and disabilities and their
caregivers often get overlooked today, especially when it comes to planning for the future. Resources to
help families with this process are becoming more available and easier to use but planning for the
financial future for people with special needs and their caregivers is even more challenging. The Voya
Cares program is designed to address the very real challenges faced by about half of the population.
Only Voya Cares has the depth of resources focused on holistic education and planning for people and
caregivers dealing with special needs and disabilities, and the program has a significant effect on
families, workplaces, and communities across the U.S.
Additionally, one of the ways we define success at Voya is by helping to build strong, vibrant communities
in the locations where we do business and where our employees and customers live. Our corporate
responsibility philosophy is far broader than merely writing checks. We believe in empowering people by
helping them gain the tools and knowledge they need to build satisfying lives. In turn, this helps to build
stronger communities. Voya contributes to the community through grants and sponsorships, and we
encourage our very own employees to volunteer with nonprofit organizations in their communities.
Through the Voya Foundation, Voya focuses its outreach and charitable giving in these primary areas —
financial literacy and children’s education, in addition to certain initiatives undertaken as part of Voya’s
diversity and inclusion efforts. Voya Foundation also provides funding to a select group of partners to
promote employee engagement and disaster relief as well as academic scholarships to students in higher
education through the company’s upcoming signature Voya Scholars program.
Voya Foundation completed a strategic planning process designed to maximize its impact and further
empower employees to use their own expertise for the benefit of the communities in which they live and
serve. After extensive research, financial resilience emerged as a fitting umbrella concept for all the
foundation’s programs. Financial resilience is defined as an individual’s ability to make educated financial
decisions, take advantage of growth and development opportunities as they appear, as well as weather
difficult times. Voya Foundation will execute this strategy by ensuring that youth are equipped with the
Science, Technology, Engineering and Math (STEM) expertise necessary to compete in the 21st century
workforce, as well as the financial literacy skills needed to make smart money-management decisions.
These are both important foundational competencies that combine to influence an individual’s future
ability to achieve retirement readiness. With this new strategy, in the coming year Voya Foundation will be
able to state the percentage increases in interest in STEM careers its activity has generated as well as
the improvement in understanding of core financial concepts demonstrated by participants in its
programs.
1 As of March 31, 2026
d. How many governmental plan transitions has your firm completed from the following record-
keepers in the last 24 months: CalPERS, Nationwide, Empower, MSQ, Nationwide, Lincoln and
Voya. Please segregate by record-keeper, plan sponsor and combined plan assets of >$50m,
$50m-$100m, $100m-$250m, and $250m+.
CalPERS:
>$50m: 0
$50m - $100m:0
$100m - $250m: 0
$250m+: 0
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Nationwide:
>$50m: 16
$50m - $100m: 2
$100m - $250m: 0
$250m+: 2
Empower:
>$50m: 8
$50m - $100m: 1
$100m - $250m: 6
$250m+: 12
MSQ:
>$50m: 2
$50m - $100m: 0
$100m - $250m: 2
$250m+: 4
Lincoln:
>$50m: 0
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
Voya: not applicable
e. How many governmental plan transitions has your firm lost to the following record-keepers in the
last 24 months: CalPERS, Nationwide, Empower, MSQ, Lincoln and Voya. Please segregate by
record-keeper, plan sponsor and combined plan assets of >$50m, $50m-$100m, $100m-$250m,
and $250m+.
CalPERS: 0
>$50m: 0
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
Nationwide:
>$50m: 1
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
Empower:
>$50m: 2
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
MSQ:
>$50m: 0
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
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Lincoln:
>$50m: 1
$50m - $100m: 0
$100m - $250m: 0
$250m+: 0
Voya: not applicable
f. Please acknowledge whether your proposed services can satisfy each of the following:
i. Ability to provide open architecture platforms, websites, phone apps, and service
representatives
ii. Provide Certified Financial Planning (CFP) services
iii. Quarterly onsite in-person visits by a local representative
iv. Compliance with all County, State and Federal regulations
v. No selling or promoting other record-keeper products unless previously approved by City
vi. No plan set-up or termination fees
vii. No additional fee for access to all available 40 Act mutual funds
viii. Plan level and participant fee transparency and disclosures as if the plans are subject to
ERISA
ix. Ability to manage small and large plans
Voya acknowledges our proposed services will satisfy each of the items listed above.
g. Sample login
i. Please provide demonstration logins for both the Plan Sponsor website and Participant
website.
Participant Website Demo: Participant Web Demo TEM
Plan Sponsor Website Demo: Plan Sponsor Web Demo