About the transition

MSRS administered plans affected by the recordkeeper change

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. 

What remains the same 

  • MSRS will continue to provide all education and customer service-related services to
    plan employers and participants. 
     
  • The investment options in all plans will remain the same.
     
  • Participant account details will automatically transition to Voya including balance, deferral elections,
    beneficiary designations, and any existing ongoing installment distributions.
     
  • 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 cease remitting payroll files to Empower after June 13, 2025 and will begin
    remitting payroll files to Voya on/after July 1. 

  • The last day to correct any payroll remittance errors is June 2nd. Payroll remittance issues after June 2nd
    will be resolved after the blackout period (see below) ends (July 1).

  • The web-based portal used by employers to remit payroll files will be different.
    Refer to the training dates below. User Guides will be available prior to July  1.
     

Employer payroll blackout period

Employers will not be able to remit MNDCP & HCSP payroll files from June 14 through July 1.

 

Blackout dates

June 17, 2025 at 3 pm central time blackout period begins

 

 

 

  • Participant accounts will be available online as read-only.  Transactions will not be allowed after this time until the transition is complete
     
  • Participant accounts will remain invested and will continue to gain and/or lose value depending on the investment markets
     
  • Employers may not submit payroll files to Empower or Voya
     

July 1, 2025 full account access restored

 

 

 

  • All participant account data will be fully updated.
     
  • Participants will be able to process requests and transactions on their accounts.
     
  • Employers will submit payroll files to Voya rather than Empower  

 

Employer training opportunities

Training dates callout

To learn more about how to remit MNDCP, HCSP & UNCL payroll files to Voya after July 1, please sign up to attend a training webinar training.
Select the date to sign up for one of the webinars.

 

• Tuesday,  June 10   10:00 - 11:30 C.T.
• Thursday, June 12      1:00 - 2:30 C.T.
• Tuesday,  June 17      1:00 - 2:30 C.T.
• Wednesday, June 18  1:00 - 2:30 C.T.
 

Training agenda callout

Topics to be discussed during training include:

•    Recordkeeper change overview
•    Intro to Voya
•    What is Voya Paycloud
•    ID’s & Passwords – How they will receive/when/process……
•    How to remit payroll files demo
•    MNDCP Deferral Feedback process 
•    MNDCP process for catch-up Roth contributions as Roth – beginning January 1, 2026

Frequently Asked Questions

Minnesota statutes requires that MSRS solicit for professional recordkeeping services every five years.

Voya was selected as the new recordkeeper following a thorough, competitive, vendor-selection process.

  • A Request for Proposal (RFP) was issued.
  • A committee (including members from the MSRS Board of Directors and staff) reviewed responses submitted by recordkeeper vendors. The responses were rated based on best value for services provided.
  • The committee visited the locations of the finalists.
  • The committee presented a final recommendation to the MSRS Board of Directors.
  • The MSRS Board adopted a motion to authorize staff to begin the process of contract negotiations and transition to the final selection.

The following MSRS-administered plans are affected:

  • Minnesota Deferred Compensations Plan (MNDCP)
  • Health Care Savings Plan (HCSP)
  • Unclassified Retirement Plan
  • Hennepin County 1% Supplemental Retirement Plan.

MSRS pension plans are NOT impacted by this change.

Yes.  MSRS staff will continue to be the first point of contact and provide customer service to plan participants and employers.

A Recordkeeper Transition Guide (pdf) was mailed to plan participants the week of May 16. It provides important information about the transition, including: 

  • What’s changing; what’s staying the same
  • What participants need to do
  • Blackout dates and how it affects participants ability to access their account
  • How participants know that their assets have been moved to Voya


Visit the MSRS website for detailed recordkeeper transition news.