Explore the key features of the Additional Contributions Tax Sheltered (ACTS) Program . This summary provides an overview of the plan provisions. In case of any discrepancies, the plan document will prevail.

Whether you participate in the New Jersey ABP or the State Defined Benefit Pension Plan, you can benefit from setting aside additional pre-tax dollars for retirement through the ACTS Program. By contributing to a 403(b) tax-deferred annuity, you can reduce your current year taxable income and grow your retirement savings. The ACTS Program offers a selection of investment choices from six authorized investment carriers to meet diverse retirement planning needs. This program is separate from your basic pension benefits, the Supplemental Annuity Collective Trust Fund, and the Deferred Compensation Plan.

Features:

• Investment Control: Choose and manage your investments.
• Tax Benefits: Contributions and earnings are taxed only upon distribution, potentially at a lower tax rate in retirement.
• Portability: Transfer your account to other eligible retirement plans.
• Payout Options: Various payout options available at retirement.
• Unlimited Transfers: Move funds between variable investment options, subject to Voya's market timing policy. Read Voya's policy on market timing and excessive trading here (Voya Financial 'Excessive Trading' Policy).
• No Withdrawal Charges if taken after 59.5: No surrender charges; management fees and a 0.25% mortality and expense risk charge apply.
• Loan Availability: Accessibility of loans.

Eligibility:

The ACTS Program is a 403(b) tax-deferred annuity plan for employees of county colleges, state universities and colleges, and eligible employees of The Marie H. Katzenbach School for the Deaf. Participation requires a salary reduction agreement with your employer, which allows employees to contribute on a tax-deferred basis.

Contributions:

The maximum annual contribution limit to the ACTS Program is set by IRS guidelines on a yearly basis. View the current IRS limits here.

Withdrawals:

ACTS is intended for long-term investing. Contributions made after December 31, 1988, and earnings accrued after that date, can be withdrawn under specific conditions:

• Age 59½: Withdrawals may be subject to a 10% premature distribution penalty tax if taken before this age.
• Severance from Employment: Withdrawals allowed upon leaving employment.
• Death or Disability: Withdrawals permitted in case of death or disability.
• Hardship: Hardship withdrawals are limited to salary reduction contributions made after December 31, 1988

Participants with assets in a 403(b) tax-deferred annuity before January 1, 1989, can withdraw from their accounts cash value as of December 31, 1988, without meeting these requirements. However, the requirements apply to salary reduction contributions or any cash value increases made after December 31, 1988.

Information on this page is sourced from the official Voya Services Company ACTS website: Additional Contributions Tax Sheltered Program Overview