Explore the key features of the Supplemental Savings Plan (SSP). This summary provides an overview of the plan provisions. In case of any discrepancies, the plan document will prevail.

Under the voluntary 403(b) portion of the program, eligible employees of public schools and certain tax-exempt organizations can make additional contributions to a Supplemental Savings Plan on a tax-deferred basis. To participate, members must complete a Salary Reduction Agreement with their employer. Please consult your campus representative or contact your Benefits/Human Resources office for the necessary form. Federal income tax is deferred on contributions, but state income and Social Security taxes are not.

Features:

• Choice and Control: Manage your investments with a range of options.
• Portability: Transfer your account to other eligible retirement plans.
• 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).
• Tax Benefits: Contributions and earnings are taxed only upon distribution*.
• Loan Availability: Access loans from your account.

Contributions:

The maximum annual contribution limit to the Supplemental Savings Plan is set by IRS guidelines. View the current IRS limits here.

Withdrawals*:

• Eligibility for Withdrawals:
  • Attainment of age 59½
  • Severance from employment
  • Death
  • Disability
  • Hardship (Hardship withdrawals are limited to employee contributions made after 12/31/88)
• No Restrictions:
  • Employee deferrals, including earnings, as of 12/31/88
  • Employer contributions (including earnings, if any)
  • Distributions that qualify as a “Qualified Reservist Distribution”
    

Loans:

• Loan Policy: One loan allowed every 12 months.
• Non-residential Loans: Required minimum account value of $2,000, minimum loan amount of $1,000.
• Residential Loans: Required minimum account value of $5,000, minimum loan amount of $2,500.
  

Impact: Loans reduce your account balance and may affect future growth potential. Other restrictions may apply.

Payout Options:

• Lump-sum or Partial Withdrawals: May be subject to federal withholding and tax penalties.
• Systematic Payouts: Specify percentage, dollar amount, or time period (requires $3,000 minimum account balance and $250 minimum payment).
• Guaranteed** Payments: Lifetime payments or payments for you and your beneficiary's lifetimes (based on the claims-paying ability of Voya Retirement Insurance and Annuity Company).
  

Guaranteed** Death Benefit: 

The death benefit guarantees the greater of the current account value or the total net contributions minus withdrawals, annuitizations, or loans.

*  Distributions from traditional employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty.

** Guarantees are based on the claims paying ability of the issuing insurance company.

Information on this page is sourced from the official Voya Services Company Supplemental Savings Plan website: Supplemental Savings Plan Overview