457(b) Plan Enrollment
We’re here to help! Enrolling in the 457(b) plan is simple, but investing for your life goals requires you to be informed. To help guide you through the enrollment process, please contact a financial professional.
Before Enrolling in the plan, you should:
- Understand the plan features
- Review the Investment Options offered
- Understand the Investment Option Performance
How do I know if I should make elective contributions to the Plan?
The Plan is not an ordinary savings account that allows withdrawals at any time. Therefore, before deciding whether to contribute to it, you should consider the following:
- Do I have adequate savings for emergencies?
- Do I have adequate savings for other financial objectives (e.g., buying a home, children’s college expenses)?
- Can I afford to reduce my take-home pay?
- Would I like to pay less current income tax?
- Do I want to contribute to this Plan as a way to work toward my retirement goals?
If you can answer yes to all of these questions, think about contributing to the Plan. If your financial situation is such that you should not begin making contributions at this time, you may do so in the future when your financial situation improves.
How to Enroll:
Before enrolling online, be prepared to provide the following:
The amount or percentage of pay that you wish to contribute to the Plan: The calculators in the Resource Center portion of this website can help you calculate the impact of different contribution levels on your take-home pay. If you need help selecting contribution rates, contact your Voya local financial professional*.
The name of each person you wish to designate as your beneficiary. You may submit up to 10 beneficiaries when you enroll online. If you have more than 10 beneficiaries, we suggest that you contact us for additional assistance toll-free at (800) 584-6001.
There are two ways you can enroll in the Plan:
1. Meet with your Voya local financial professional*. Review your personal situation, complete the appropriate paperwork to specify your deferral amount, investment selections, and designate your beneficiary.
2. Complete the Online Enrollment process. Online enrollment is quick and easy. Enroll Now!
You should consider the investment objectives, risks, and charges and expenses of mutual funds offered through a retirement plan carefully before investing. The fund prospectuses and information booklet containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.
*Financial advisors and Financial Planning Consultants are Investment Adviser Representatives and Registered Representatives of, and offer securities and investment advisory services through Voya Financial Advisors, Inc (member SIPC).
Mutual funds under a trust or custodial account agreement are intended to be long-term investments designed for retirement purposes. If withdrawals are taken prior to age 59 ½, an IRC 10% premature distribution penalty tax will apply, unless an IRS exception applies. Account values fluctuate with market conditions, and when surrendered, the principal may be worth more or less than the original amount invested. A group fixed annuity is an insurance contract designed for investing for retirement purposes. The guarantee of the fixed account is based on the claims-paying ability of the issuing insurance company. Although it is possible to have guaranteed income for life with a fixed annuity, there is no assurance that this income will keep up with inflation. Money taken from the plan will be taxed as ordinary income in the year the money is distributed. An annuity does not provide any additional tax benefit, as tax deferral is provided by the Plan. Annuities may be subject to additional fees and expenses, to which other tax-deferred funding vehicles may not be subject. However, an annuity does offer other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.
For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to '88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant's severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability. For 403(b)(7) custodial accounts, employee deferrals and employer contributions (including earnings) may only be distributed upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: hardship withdrawals are limited to: employee deferrals and '88 cash value (earnings on employee deferrals and employer contributions (including earnings) as of 12/31/88).
The Voya Fixed Account is available through an annuity contract issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The Voya Fixed Account is an obligation of VRIAC’s general account which supports all of the company's insurance and annuity commitments. The interest rate guarantees under the contract are subject to VRIAC’s claims-paying ability.
The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the appropriate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that include, bonds, and short-term investments and are subject to the risks of different areas of the market. The funds maintain a substantial allocation to the equities both prior to and after the target date, which can result in greater volatility.