401k VOYA Financial
The link below contains 4 short videos on the importance of saving, how to enroll, how to login, and how to navigate the Voya site.
https://voyadelivers.com/retirementplan/resources.php
VOYA Plan Highlights:
Eligibility Requirements: You are eligible to participate in the plan when you have 90 days of service.
Enrollment Dates: Once you have met the eligibility requirements, you can join the plan monthly.
Auto Enroll: Your plan has an automatic election provision. If you choose not to enroll by selecting your own fund allocations and contribution percentages and not opt out of the automatic election provision, your company will automatically enroll you into a State Street Target Retirement fund at 3%.
Employee Contributions: You may contribute 0 – 100% of your annual pay, not to exceed $20,500 annually. Annual limitations are set by the IRS and are subject to change. The tax laws may also let you contribute an additional amount over the regular annual limit if you are at least 50 years old. Check with your benefits manager to see if you can take advantage of the increased opportunity to ‘catch up’ and contribute even more to your employer’s plan. If your adjusted gross income does not exceed certain limits, you may be eligible for a tax credit.
Roth Contributions: Your plan permits Roth after-tax employee contributions. You may contribute a minimum of 1% and your total employee contributions (Roth after-tax and Traditional pre-tax deferrals combined) may not exceed $20,500 annually ($27,000 if you are at least age 50 and
your plan has a catch-up feature). Annual limitations are set by the IRS and are subject to change.
Employer Contributions Employer Safe Harbor: Your employer has elected to match 100% of the first 3%, and 50% of the next 2% of pay that you contribute. Safe Harbor contributions are 100% vested.
Vesting: You will always be 100% vested in the portion of your account attributable to your Employee contributions. You are also 100% vested upon your death, normal retirement, or disability. Your employer contributions are subject to the following vesting schedule:
Profit Sharing Contributions: 1 year of service 25% 2 years of service 50% 3 years of service 75% 4 years of service 100%.
Rollovers: Money from other qualified plans is accepted. Rollover contributions are allowed prior to meeting the eligibility requirements of the plan.
Contribution Change Frequency: You may stop contributions at any time. Once you have stopped, you may resume contributions per pay period. You may also increase
or decrease contributions per pay period.
Investment Transfers: Using Voya’s automated telephone or Internet service, you have the ability to review your accounts and transfer funds from one investment option to another, 24-hours a day.
Hardship Withdrawals: Hardship withdrawal may be taken in case of extreme hardship as defined by the IRS when no other sources are available.
In-Service Withdrawals: In-service withdrawals are permitted by your plan. Early withdrawals, if taken before age 59 1/2, will be subject to a 10% premature distribution federal excise tax unless certain exceptions apply. Money received from the plan will be taxed as ordinary income in the year
that the money is received.
Distribution & Withdrawals: Funds are available at retirement, death, disability, or termination of service.
Loan Provision: You may take a loan from vested amounts in your account. The amount the Plan may loan to you is limited by rules under the Internal Revenue Code. Any new loans, when added to the outstanding balance of all other loans from the Plan, will be limited to the lesser of:
a) $50,000 reduced by the excess, if any, of your highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date of the new loan over your current outstanding balance of loans as of the date of the new loan; or b) 1/2 of your vested interest in the Plan. The amount the Plan may loan to you can also be limited by Plan rules such as which Employee and Employer Contributions are available for loan use, the number of loans that can be outstanding at any one time or how often you may request a loan. For specific details please refer to your Summary Plan Description (SPD). When thinking about taking a loan from your plan, keep in mind that when money is withdrawn from a retirement savings account, it reduces the power of tax-deferred compounding.
Participant Account Statements: Your investment statements are provided quarterly.
