Following an expected 18-month transition period, Voya will assume record-keeping responsibilities January 1, 2025, for VRS-sponsored defined contribution plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the defined contribution component of the Hybrid Retirement Plan. Voya will also serve as record keeper for VRS-sponsored optional retirement plans for political appointees and school superintendents, and as one of the provider choices for the optional plan for higher education. Record keeping entails administering participant defined contribution accounts including managing contributions and distributions, interfacing with investment managers selected by VRS and providing participant education and services and communications for VRS plans.