Voya Financial Inc. said its retirement business has been selected as the single service provider for the Nevada Public Employees’ Deferred Compensation Program.
Voya began its relationship supporting Nevada’s retirement program 11 years ago, when it was known as ING Group. ING has since sold its interest in Voya Financial.
With this most recent expansion, effective the first quarter of 2015, the Nevada Deferred Compensation Committee consolidated all program assets under a single service provider and chose Voya after a competitive selection process.
The Nevada Public Employees’ Deferred Compensation Program is a voluntary 457(b) deferred compensation plan designed to supplement other retirement savings and pensions. About 39,000 eligible employees participate in the program, including those from the state, the Nevada System of Higher Education and political subdivisions.
As of April 30, the plan represented approximately $693 million in assets, $568 million of which transitioned from a former service provider.
As part of its commitment to advancing Americans’ retirement readiness, Voya will provide the Nevada Public Employees’ Deferred Compensation Program and its members with full service plan record keeping and administration services, including on-site service to all regions of the state.
“With a relationship spanning more than a decade, we’re privileged that the state of Nevada decided to expand our partnership and make Voya the single service provider for its 39,000 employees,” Carolyn Johnson, president of annuities and tax-exempt markets for Voya Financial, said in a statement.
“We are committed to providing our clients — including some of the largest retirement systems in the country — with the guidance and support they need today so their employees are emotionally and financially ready for retirement tomorrow.”
Cycling event picks Forté
Clif Bar CrossVegas, one of the nation’s largest cyclocross events, chose Las Vegas-based Forté PR as its public relations agency of record.
Forté will provide planning, traditional media strategy and execution and will develop community relationships on behalf of CrossVegas, which is scheduled for Sept. 16 at the Desert Breeze Soccer Complex.
CrossVegas, launched in 2007, has been selected as a Union Cycliste Internationale World Cup Cyclocross event, the first ever in the United States.
CrossVegas, held to coincide with the Interbike bicycle expo in Las Vegas, attracts international cyclocross athletes from more than 15 countries who compete terrain including pavement, grass, hills and barriers, requiring cyclists to dismount to navigate obstacles then remount their bicycles to finish the race.
Competitors include the world’s top-ranked men and women in the sport, including multiple national and Union Cycliste International world champions.
In the past, CrossVegas has attracted up to 10,000 spectators. An estimated 8 million television viewers will see the event worldwide including more than 3.5 million households in the United States via the Universal Sports Network.
Credit union posts profit
Silver State Schools Credit Union’s run of consecutive profitable quarters has reached 12, as the financial institution that serves the educational community in Nevada puts the losses from the recession behind it. Silver State Schools Credit Union reported first quarter net income of $2.8 million, compared with $2.5 million for the same period a year ago.
Delinquent loans remained stable, increasing slightly from $4.7 million in the fourth quarter to $4.9 million at the end of the first quarter, but are significantly lower than the $10.3 million reported for the first quarter of 2014.
“The credit union has begun 2015 on solid footing and we are pleased with our continued progress,” CEO Andy Hunter said in a quarterly earnings statement. “Nevada’s economy continues to improve, with home prices recovering modestly and unemployment slowly deceasing, as more jobs become available.
“These improvements positively impact … the credit union’s financial performance, resulting in strong earnings and a regulatory net worth ratio of 6.48 percent.”
As of March 31, Las Vegas-based Silver State Schools Credit Union reported $613 million in deposits, total assets of $659 million, and loans of $409 million. Liquidity remains strong at $150 million, with regulatory net worth of $42.7 million, according to the earning statement.
Hunter said he expects the credit union’s “solid financial performance will continue through the rest of 2015.”