REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
March 24, 2026
FROM
LEONARDO GONZALEZ, Director, Human Resources Department
SUBJECT
Title
Amendment to Contract with Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC, and Voya Institutional Trust Company for the Voluntary Retirement Plans and Retirement Medical Trust Plan
End
RECOMMENDATION(S)
Recommendation
Approve Amendment No. 4 to Contract No. 21-909 between San Bernardino County, Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC, and Voya Institutional Trust Company, as the provider for administrative, investment, and recordkeeping services for the Voluntary Retirement Plans and the Retirement Medical Trust Plan, to revise the terms and conditions and exercise an existing two-year option to extend the term, for a total contract term of January 1, 2022 through December 31, 2028.
(Presenter: Leonardo Gonzalez, Director, 387-5570)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Improve County Government Operations.
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). Costs associated with recordkeeping services provided by Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC, and Voya Institutional Trust Company (collectively referred to as Voya) are paid for by plan participants. The recommended Amendment No. 4 does not change the reimbursement amount paid to the County.
BACKGROUND INFORMATION
Approval of this item authorizes an extension and revision to the terms and conditions of the Contract for the County’s Voluntary Retirements Plans and Retirement Medical Trust Plan with the current contracted service provider, Voya, for the County’s 401(k) Defined Contribution, 401(a) Defined Contribution, 457(b) Deferred Compensation, PST Deferred Compensation and the Retirement Medical Trust (RMT) plans (collectively, the Plans).
On December 7, 2021 (Item No. 21), the Board of Supervisors (Board) approved Contract No. 21-909 (Contract) with Voya as the plan administrator for the Voluntary Retirement Plans and the Retirement Medical Trust Plan, for the period of January 1, 2022, through December 31, 2026, with an option to extend for one additional two-year term.
On October 25, 2022 (Item No. 42) the Board approved Amendment No. 1 to the Contract to replace the previous Vanguard Target Retirement Funds investment options with the Vanguard Target Retirement Trusts investment options.
On September 26, 2023 (Item No. 34) the Board approved Amendment No. 2 to the Contract to add Voluntary Employees’ Beneficiary Association Custodial Agreement and Amendment No. 3 to the Contract to add Employer Services Agreement with Voya.
On November 19, 2025, the Defined Contribution Committee (DC Committee) established an ad hoc subcommittee (Subcommittee) to evaluate whether to extend the Voya Contract or begin the request for proposal (RFP) process.
The DC Committee, is an advisory committee to the Plan Administrator and to the Board, consisting of nine members from the County, associated agencies, and labor organizations including the Auditor-Controller/Treasurer-Tax Collector, San Bernardino County Employees’ Retirement Association, County Administrative Office, Human Resources, Teamsters Local 1932, Sheriff’s Employees’ Benefit Association and other individuals appointed by the County Chief Executive Officer.
The Subcommittee worked in conjunction with the County’s defined contribution consultant, Fiduciary Consulting Group at Morgan Stanley, and established criteria for evaluating a contract extension proposal from Voya. An extension proposal was received from Voya and evaluated on the following criteria: recordkeeping plan fees, the current Voya on-site service model and operational/administrative efficiencies. After reviewing the proposal by both the Subcommittee and Fiduciary Consulting Group at Morgan Stanley, the Subcommittee recommended the Voya contract extension.
On February 17, 2026, the Subcommittee presented its findings to the DC Committee and recommended an extension of the Voya Contract to include the following terms and conditions:
• A reduction to Voya’s current recordkeeping fees from 3.6 basis points (0.036%) to 2.75 basis points (0.0275%), effective April 1, 2026.
• An increase to the credited interest rate for the Voya Fixed Account utilized in the RMT from 2.75% to 3.00%, effective April 1, 2026.
• Additional Capital Preservation fund options to replace the Stabilizer fund to move towards more controlled liquidity provisions.
• Improve operational and administrative efficiency for RMT service commitments from Voya and Plan’s third-party provider, BPAS.
The DC Committee voted and recommended that the Voya Contract be amended to include the above-described terms and extended for two years through December 31, 2028, exercising the first and final option to extend the term of the Contract.
PROCUREMENT
Not applicable.
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Jolena Grider, Deputy County Counsel, 387-5455) on February 26, 2026; Purchasing (Jessica Barajas, Supervising Buyer, 387-2065) on March 9, 2026; and County Finance and Administration (Garrett Baker, Administrative Analyst, 388-3077) on March 5, 2026.