District of Columbia Picks Voya as Government Plan Provider

The District of Columbia announced Tuesday the selection of Voya Financial Inc. as the provider of its 401(a) defined contribution and 457(b) deferred compensation plans. D.C.’s Office of Contracting and Procurement awarded the contract to Voya on October 31, 2025, and both plans transitioned to Voya on May 20, 2026, according to a Voya spokesperson.

The plans collectively held more than $4.3 billion in assets among more than 52,000 participants as of May 20.

Voya’s announcement stated that the firm will provide participants with recordkeeping and plan administration services, including online engagement, retirement education, in-plan advice. and access to brokerage services and managed accounts.

“While the District was already familiar with our competitive advantage in the government space, what resonated with them were the conversations about Voya’s latest products, technology and service offerings—including participant education and reporting capabilities,” said Gavin Gruenberg, Voya’s government market retirement sales leader, in a statement. “They also saw the benefits associated with our experience in the stable value space and, as a result, elected to include the Voya Capital Preservation Fund in their lineup to replace their existing stable value fund.”

Voya served approximately 4 million 457(b) government participants with an average government client tenure of 31 years as of December 31, 2025. The firm had the second most governmental 457(b) plans, according to the 2026 PLANSPONSOR Recordkeeping Survey.

The firm onboarded roughly $35 billion in assets across 1 million new government plan participants from January 2025 through June 30, 2026, according to its announcement.

The 2026 PLANSPONSOR Recordkeeping Survey was fielded in April and May among 36 DC recordkeepers that reported on their business as of December 31, 2025.