Learn more about the transition to Voya Financial®
A "blackout period" is a period of time when your account access will be restricted. This means that you are temporarily unable to direct or diversify investments or take a distribution from your Plan account. The blackout period is necessary to ensure the accurate and complete transfer of your Plan account to Voya. Although you won't have access to your Plan account during this time, your payroll deductions and associated company match will continue during this time.
No action is required from you during the blackout period. However, when the transition is completed, you should double check your records and statements to make sure your beneficiary, investment options, contribution rates, and balances transferred correctly to Voya.
In January 2025, your Virginia Retirement System Deferred Compensation Plan (VRS DCP) will introduce a new enhanced website, powerful new plan features, access to managed accounts and a new recordkeeper, Voya Financial® (Voya).
Your Plan account details, contribution rate, personal information, investments and investment elections, including the Self-Directed Brokerage Account, beneficiary designations and distribution option information will transition to Voya automatically. Your existing Plan account balance will remain invested, and your contributions will automatically continue without interruption.
WHAT TRANSFERS TO VOYA? | YES | NO |
---|---|---|
Contribution Rates | X | |
Installment Payments | X | |
Banking information for installment payments | X | |
Regular Banking Information | X | |
Investment Elections | X | |
Beneficiary Designations | X | |
SmartStep election | X |
No. You will have access to all the same investment options that currently enjoy including target-date portfolios, selection of core funds, including the Virginia Retirement System Investment Portfolio, and access to the Self-Directed Brokerage Account offered through Charles Schwab. Plus, on 1/6/2025, we will be adding the 2070 Target Date Portfolio to the line-up. Your investments and investment elections will be automatically transferred into your Plan account at Voya.
Your account remains fully invested and at no time are your investments out of the market. You can change your investment options as soon as the blackout period at Voya ends. See the key dates for details.
- Banking information for installment payments will transfer automatically to Voya.
- January installment payments will be processed as soon as possible after live date.
- Ongoing, Installments paid between the 1st and the 14th of the month will be processed on the 1st of the month and installments paid between the 15th and the end of the month will be processed on the 15th of the month.
- You will receive a separate notice with additional details.
Banking information on file will NOT transfer to Voya unless your are currently receiving installment payments.
Once the transition is complete, you can link your bank account by logging into your DCP Account, clicking on your name in the upper right corner of the Plan website, selecting personal information, then clicking add/edit next to banking information.
* Terminated participants or alternate payees in pay at the time of conversion will have banking information converted to Voya.
Yes. Your beneficiary designations will transfer, however, it's always a good idea to double check this information, especially if your situation (married, had a child, divorced) has changed.