About the transition

MSRS administered plans affecgted by the recordkeeper changeThe Minnesota State Retirement System (MSRS) is pleased to announce the selection of Voya Financial®
as our new recordkeeper.  We will transition from Empower Retirement to Voya® on July 1, 2025.

MSRS underwent a competitive Request for Proposal (RFP) process to determine that Voya Financial
will bring the best value to plan participants.  MSRS has partnered with Voya in the past and are looking forward to this new partnership. We want to introduce you to Voya. 
 

What remains the same 

  • MSRS will continue to provide all education and customer service-related services to
    plan employers and participants. 
     
  • The investment options in all plans will remain the same. 
     
  • Participant account details will automatically transition to Voya including balance, deferral elections, beneficiary designations, and any existing ongoing installment distributions. 
     
  • Existing account balances will remain invested. 
     
  • There may be some actions required by participants to ensure a smooth transition; those will be communicated directly to plan participants.
     

What changes for employers 

  • Employers will cease remitting payroll to Empower on June 13, 2025 and will begin remitting payroll to Voya -
    details and dates will be shared in the coming months. 
     
  • The web-based portal for employers to remit payroll files will be different. Online training and written materials
    will be available prior to the transition in July.
     

Employer Payroll Blackout Period

Employers will have restrictions on remitting MNDCP & HCSP payroll contributions from June 13 through July 1.
Additional details will be communicated soon.  
 

Blackout Dates

June 17, 2025 at 3 pm central time blackout period begins

 

 

 

  • Participant accounts will be available online as read-only.  Transactions will not be allowed after this time until the transition is complete.
     
  • Participant accounts will remain invested and will continue to gain and/or lose value depending on the investment markets.
     

July 1, 2025 full account access restored

 

 

 

  • All participant account data will be fully updated.
     
  • Participants will be able to process requests and transactions on their accounts.
     
  • Employers will submit payrolls to Voya rather than Empower.  Dates and details will be communicated in the coming months.

 

Participant Communication

Frequently Asked Questions

Minnesota statutes requires that MSRS solicit for professional recordkeeping services every five years.

Voya was selected as the new recordkeeper following a thorough, competitive, vendor-selection process.

  • A Request for Proposal (RFP) was issued.
  • A committee (including members from the MSRS Board of Directors and staff) reviewed response submitted by recordkeeper vendors. The responses were rated based on best value for services provided.
  • The committee visited the locations of the finalists.
  • The committee presented a final recommendation to the entire MSRS Board of Directors.
  • The board adopted a motion to authorize staff to begin the process of contract negotiations and transition to the final selection.

The following MSRS-administered plans are affected:

  • Minnesota Deferred Compensations Plan (MNDCP)
  • Health Care Savings Plan (HCSP)
  • Unclassified Retirement Plan
  • Hennepin County 1% Supplemental Retirement Plan.

MSRS pension plans are NOT impacted by this change.

Yes.  MSRS staff will continue to be the first point of contact and provide customer service to plan participants and employers.