Deadlines+Actions: VRS DCP Transition to Voya

November 23, 2024 – Virginia Governmental Employee Association (VGEA)

A Smooth Transition for VRS DCP Accounts to Voya Financial

Virginia Retirement System (VRS) members, take note: changes are coming to your Defined Contribution Plan (DCP) accounts. Starting January 1, 2025, Voya Financial will step in as the new record keeper, replacing MissionSquare Retirement. With this change, your investments, contribution elections, and beneficiary designations will transition automatically—but your proactive involvement will ensure a seamless experience.

This shift marks the first record-keeping transition in a decade, reflecting VRS’s commitment to providing participants with updated, efficient services. According to VRS Director Patricia Bishop, “Voya brings valuable enhancements and tools to support participants as they plan for their financial futures.”

While the change is straightforward, there are critical deadlines and actions required. Let’s break it down to keep you prepared and informed.

What You Need to Know

Key Dates to Remember

1. December 21, 2024: This is the last day to initiate transactions with MissionSquare, including changes to contributions or investments. After this, your funds remain invested but frozen for adjustments during the transition.
2. January 1, 2025: Voya Financial officially becomes the record keeper. You can resume transactions with Voya in early January.

What Will Stay the Same

• Your investment lineup will remain unchanged.
• Contributions, balances, and earnings will automatically transfer to Voya.

What You Need to Do

• Update Contact Information: Log in to your myVRS and DCP Account Access portals to ensure VRS can contact you during the transition.
• Save Your Records: Download historical documents like account statements and tax forms before the transition. After June 30, 2025, these records will no longer be accessible.
• Register for Info Sessions: Voya will host educational sessions to guide you through the changes and new platform tools. Use this opportunity to get your questions answered.

Why This Matters to VGEA Members

As Virginia state employees and retirees, your retirement security is a cornerstone of VGEA’s advocacy. This transition underscores the importance of staying informed and engaged with your benefits to protect your financial future. VGEA remains your partner in navigating changes like these, ensuring you have the resources, clarity, and support you need.

Transitions can raise questions and concerns, but they can also bring improvements. The introduction of Voya Financial is a chance to access fresh tools, enhanced user experiences, and resources tailored to your retirement goals. By acting early—updating your contact details, downloading important documents, and joining informational sessions—you take charge of your future.

Call to Action

The VGEA urges all Virginia state employees and retirees to do the following:

1. Take these transition steps seriously to secure your benefits.
2. Join the VGEA to strengthen your advocacy voice and stay informed about state employment and retirement issues.
3. Invite your colleagues to become members of the VGEA—every state employee and retiree deserves the VGEA advantage.

Let’s work together to ensure a smooth transition and a strong future for every Virginia employee and retiree.

About the VGEA:

The Virginia Governmental Employees Association is a nonpartisan, nonprofit organization dedicated to advocating for the rights and interests of Virginia’s state employees and retirees. Our mission is to ensure fair treatment, proper compensation, and a supportive working environment for all who serve the Commonwealth.

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