We have some exciting news about your Retirement Plan!
The Minnesota State Retirement System (MSRS) is pleased to announce the selection of Voya Financial® as our new recordkeeper. We will transition from Empower Retirement to Voya® on July 1, 2025.
MSRS underwent a competitive Request for Proposal (RFP) process to determine that Voya Financial will bring the best value to plan participants. MSRS has partnered with Voya in the past and are looking forward to this new partnership. We want to introduce you to Voya.
Voya will provide recordkeeping services for the following plans:
- Minnesota Deferred Compensation 457(b) Plan (MNDCP)
- Health Care Savings Plan (HCSP)
- Unclassified Retirement Plan
- Hennepin County 1% Supplemental Retirement Plan
What remains the same
- MSRS will continue to provide all education and customer service to plan employers and participants.
- The investment options in all plans will remain the same.
- Account details for plan participants including balance, deferral elections, beneficiary designations and ongoing installment distributions will automatically transition to Voya.
- Existing account balances will remain invested.
- There may be some actions required by participants to ensure a smooth transition; those will be communicated directly to plan participants.
What changes for employers
- Employers will stop remitting payroll files to Empower in June 2025 and will begin remitting payroll files to Voya - details and dates will be shared in the coming months.
- The web-based portal for employers to remit payroll files will be different. Online training and written materials will be available prior to the transition in July.
Questions
If you have questions regarding the transition from Empower to Voya, please contact your dedicated MSRS Representative.