Voya Secures 5-Year Extension for Honolulu’s $1.2B Retirement Plan
Event summary
- Voya Financial extends its 49-year partnership with the City and County of Honolulu as retirement plan provider for another 5 years.
- The contract covers a $1.2B Deferred Compensation Plan serving nearly 9,300 participants.
- Voya won through a competitive RFP process advised by Wealthspire Retirement Advisory.
- Honolulu’s Mayor Rick Blangiardi cited Voya’s service quality and local support as key factors in the decision.
The big picture
This renewal underscores Voya’s dominance in public sector retirement plans, particularly in Hawaii where it has maintained a near-half-century relationship. The win comes amid growing demand for personalized retirement solutions among government employees, positioning Voya to capitalize on its local expertise and national scale. With $1.2B in assets under management through this single contract, the extension reinforces Voya’s strategic focus on high-value institutional relationships.
What we're watching
- Government Client Retention
- Whether Voya can maintain its average 31-year government client tenure amid increasing competition in the public sector retirement market.
- Local Service Model
- The effectiveness of Voya’s localized approach in retaining large municipal clients like Honolulu, where personal service is highly valued.
- Market Positioning
- How Voya will leverage this win to strengthen its claim as the leading provider of 457(b) plans for government entities.