Voya Financial, Inc. (NYSE: VOYA) has been selected by the District of Columbia as the new service provider for its 401(a) defined contribution and 457(b) deferred compensation retirement plans, covering more than 52,000 participant accounts and $4.3 billion in assets.

Under the agreement, Voya will provide recordkeeping, plan administration and retirement plan services, including online engagement tools, retirement education, in-plan advice, brokerage services and managed accounts. The District also elected to include Voya's Capital Preservation Fund in its investment lineup to replace its existing stable value fund.

"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, Government Market Retirement sales leader at Voya Financial.

According to a press release, Voya claims to be the top provider of 457(b) deferred compensation plans for government entities, based on its analysis of data from the 2025 PLANSPONSOR Recordkeeping Survey. The company reports serving approximately 4 million government plan participants with an average client tenure of 31 years as of Dec. 31, 2025. Voya also said it onboarded approximately $35 billion and over 1 million new government plan participants from January 2025 through the second quarter of 2026.