RFP_Attachment_6.9_(Part%202)_Voya_ORP_Data_FINAL_4.23.2026.xlsx

This is a data attachment file supporting a recordkeeping, administration, and investment options request for the State of Tennessee's Optional Retirement Program (ORP) and Public Higher Education 403(b) Plans, managed by Voya as the incumbent provider. The file presents comprehensive operational and financial data for the Voya Combined plan covering three fiscal years (2023-2025), with separate reporting for University of Tennessee (UT) and Tennessee Board of Regents (TBR) entities. As of December 31, 2025, the combined plan encompasses 5,136 total accounts (4,807 active participants and 329 inactive accounts) distributed across 20 payroll locations with 200+ payroll files processed monthly via electronic means. The plan maintains monthly contribution frequencies totaling $30.6 million in 2025, with participant withdrawals of $30.3 million, resulting in modest positive net cash flow of $309,500. The plan offers a comprehensive investment lineup including 12 Voya Target Retirement funds (ranging from 2020 to 2070 target dates), bond options through PIMCO and Vanguard offerings, balanced and equity funds, and a Voya Fixed Plus Account III for stable value investments, with total combined plan assets of approximately $540 million across all investment options and account types.

The plan structure provides contract termination provisions allowing withdrawal of Fixed Plus Account III balances after the fifth contract anniversary and every five years thereafter, with a $1,500 termination fee as the only deferred exit charge. Participant-level distributions accommodate various life events including minimum required distributions (58 in 2025), rollovers into the plan (22 in 2025), and lump sum distributions totaling $24.8 million in 2025 across cash and rollover formats. Contributions comprised $6.2 million in employee pre-tax deferrals and $24.4 million in employer matching contributions in 2025, with managed account services available for 164 participants holding $10.9 million in assets. The plan processes contributions through multiple funding methods (check, wire, and ACH) and maintains liquidity provisions allowing withdrawals associated with distributable events, subject to 90-day equity wash restrictions. No loans, hardship withdrawals, or in-service non-hardship withdrawals are currently recordkept separately in the reported data, and the UT and TBR divisions are tracked independently within the combined Voya structure, with UT representing 2,137 total accounts ($209.2 million in active participant balances) and TBR representing 2,999 total accounts ($210.5 million in active participant balances).