457(b) Plan - Enrollment
All University Employees at any time during their employment.
Enrolling with Voya
Your local representative will explain to you the role supplemental retirement savings play in conjunction with your State Retirement System (STRS, OPERS, SERS). Your local representative will guide you through the enrollment process and:
- Explain each plan to you and help you determine which plan is best suited to your needs
- Describe the product to you
- Develop an asset allocation model to illustrate your investment and retirement objectives
- Select the investment options that will help you pursue your objectives
- Designate a beneficiary for your plan benefits
- Make you are aware of the total contribution limits for which you are eligible
As a client, your local representative will provide you with Annual Reviews (or more frequently if you request), will be available to you for any servicing needs or questions you may have.
You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.
Variable annuities are intended as long-term investments designed for retirement purposes. Early withdrawals from a 403(b) plan will be subject to an IRC 10% premature distribution penalty tax, if taken prior to age 591⁄2. The 10% IRC premature distribution penalty tax on early withdrawals doesn't apply to amounts contributed to 457(b) plans or amounts rolled into those plans from other 457 plans. Money taken from the annuity 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 its original amount invested. An annuity does not provide any additional tax deferral benefit, as 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 provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). All companies are members of the Voya ® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Products and services may not be available in all states.