Below are the important features about your employer's plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.
You are eligible for and may enter the Plan immediately upon your date of hire. Employees excluded from participating in the plan include: Student employees and non-resident aliens with no U.S. earned income. Your contributions are made via payroll deduction.
You can increase, decrease or discontinue your contributions at any time; which will take effect on the earliest date after the election or modification that is administratively feasible. Contact your Human Resources department for details.
Vesting: You are always 100% vested in your employee contributions and any earnings they generate.
You must abide by certain annual maximum limitations on the salary deferral contributions you make to the Plan. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.
You can direct your current and future investments to a variety of widely-recognized mutual funds. If you do not select investment choices, your contributions will be invested in a Target Date Retirement Fund which allocates your funds targeting the year that most closely matches your retirement age based on your date of birth, which is the default investment option designated by your employer. Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.
Please refer to the Investments tab for more information and please read the fund prospectus for details.
You may rollover existing retirement assets from a previous employer, or transfer existing assets with another investment provider under your current plan to your account at Voya. Please refer to the “Resources Center” tab for forms, or the “Contact Us” tab to schedule an in person or phone appointment with a financial professional for assistance. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation.
Accessing Your Funds
Although the 403(b) Plan set up by your employer is intended to help you put aside money for the future, you do have ability to borrow from your account. The maximum loan amount is the lesser of $50,000 reduced by the excess (if any) of the highest outstanding loan balance in the last 12 months or 50% of vested balance reduced by the outstanding balance of all loans. All loans must be repaid within 5 years, except loans used to purchase a primary residence. Please note: loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply. Taxes and early withdrawal penalties may apply.
In your to withdraw your money, you must have a qualifying event. You can withdraw money from your account when one of the following events occurs:
- Attainment of age 59½
- Separation from employment
Financial hardship may be taken in qualifying circumstances. Taxes will be due upon distribution and if taken before age 59½, and may be subject to an additional 10% federal tax penalty. Consult with your tax advisor before withdrawing any money from your account.
You should consider the investment objectives, risks, and charges and expenses of the 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.
Mutual funds under a 403(b) custodial account agreement are intended as long-term investments designed for retirement purposes. Money distributed will be taxed as ordinary income in the year the money is distributed. 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. Early withdrawals, if taken prior to age 59½ will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. Amounts distributed will be taxed as ordinary income in the year it is distributed. An annuity does not provide any additional tax deferral benefit; tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified 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).
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company ("VRIAC"), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services LLC ("VIPS"). VIPS does not engage in the sale or solicitation of securities. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners LLC (member SIPC) or third parties with which it has a selling agreement. Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All products and services may not be available in all states.