Supplemental Savings Plan Overview

Below are the important features of the Supplemental Savings 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 and the plan document, the plan document provisions prevail.

Under the voluntary 403(b) portion of the program, members may make additional contributions on a tax-deferred basis to a Supplemental Savings Plan. The Plan is available to employees of public schools and certain tax-exempt organizations under Section 403(b) of the Internal Revenue Code.

Members are required to complete a Salary Reduction Agreement with their employer to participate. Please see your campus representative* or contact your Benefits/Human Resources office for this form. While federal income tax will be deferred on contributions, state income and Social Security taxes will not be deferred.

Features

  • Choice of and control over your investments
  • Portability of your account to other eligible retirement plans
  • Unlimited transfers between variable investment options, subject to Voya's policy on market timing and excessive trading.
  • Your contributions and any earnings are subject to federal taxation only when you begin to take distributions.
  • Availability of loans.

Please refer to the disclosure materials in the Enrollment Kit (available from your campus representative or Benefits/Human Resources department) and the Investment Performance section of this website for specific information regarding charges, expenses, fees, transfer restrictions, etc.

Contributions

The maximum annual contribution limit to the Supplemental Savings Plan is set by IRS guidelines on a yearly basis. You may view the current limits here.

Withdrawals

Employee Deferrals (including earnings) may generally be distributed only upon your:

  • Attainment of age 59½
  • Severance from employment
  • Death
  • Disability
  • Hardship (Hardship withdrawals are limited to employee contributions made after 12/31/88)

No withdrawal restrictions apply to:

  • Employee deferrals, including earnings, as of 12/31/88
  • Employer contributions (including earnings, if any)
  • Distributions that qualify as a “Qualified Reservist Distribution”

Loans

  • One loan is allowed every 12 months.
  • For non-residential loans, the required minimum individual account value is $2,000. The minimum loan amount is $1,000.
  • For residential loans, the required minimum individual account value is $5,000. The minimum loan amount is $2,500.

Loans will reduce your account balance, may impact your withdrawal value, and limit your participation in future growth potential. Other restrictions may apply.

Payout Options

  • A lump-sum or partial withdrawal (may be subject to federal withholding and possible tax penalties).
  • A systematic payout option specifying a percentage, dollar amount, or a time period. This requires a $3,000 minimum account balance and a $250 minimum payment.
  • Payments guaranteed for your lifetime or for as long as you and your beneficiary are alive (guarantees based on the claims-paying ability of Voya Retirement Insurance and Annuity Company).

Guaranteed Death Benefit

The death benefit is guaranteed to be the greater of:

  • The current value of the account, or
  • The total of net contributions made to the individual account minus the total of any withdrawals, annuitizations, or loans.

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. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. 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.