403(b) TDA Plan Overview

Below are the important features about your employer's 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 this website and the plan document, the plan document provisions prevail. 

A 403(b) tax deferred annuity program is a type of defined contribution plan available to employees of public education institutions, hospitals, and certain other tax-exempt organizations under Section 403(b) of the Internal Revenue Code. Through a 403(b) program, you can set aside a portion of your pay on a pretax basis for retirement. Your contributions and earnings on those contributions are taxed only when you begin to take withdrawals. 


  • No front-end sales charges – 100% of your contribution is invested in your variable annuity account 
  • No maintenance fee 
  • No administrative fee 
  • 1.25% Mortality and Expense Risk Charge (investment management fees will also apply) Fees depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information. 
  • 10 year Deferred Sales Charge (DSC) which is waived at:
  • separation of service, financial hardship, 10th individual account anniversary, systematic distribution option election, small account balances, for a withdrawal of not more than 10% of the individual account value each year for participants age 59½ through 70½ (additional restrictions apply, please see Contract Prospectus Summary), and death.
  • A variety of annuity/payout options at retirement 
  • Licensed, local Account Representatives
  • Retirement information and services that continue even after you retire 
  • Guaranteed interest rate on fixed interest options (offered by Voya Life Insurance and Annuity Company)
  • No cost transfers between variable investment options via Internet, phone, or in writing 
  • Personalized, individual assistance 

Please refer to the disclosure materials in your Enrollment Kit (in the “Enrollment” section of this website) and/or the “Performance Report”( in the “Investment Performance” section of this website) for specifics regarding charges, expenses, fees, transfer restrictions, etc.


You decide, within certain Internal Revenue Code (IRC) limits, how much of your income you want to invest. Your employer will reduce your paycheck before income tax by the amount you selected and forward it be invested according to your instructions. Because these contributions are made on a pre-tax basis, you won't be taxed until you begin taking distributions.

Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here


  • Employee Deferrals (including earnings) may generally be distributed only upon your:
  • Attainment of age 59½
  • Severance from employment 
  • Death
  • Disability, or
  • Hardship.

Note: Hardship withdrawals are limited to Employee Deferrals only, made after 12/31/88. 

Exceptions to the above distribution rules:

No Internal Revenue Code (IRC) withdrawal restrictions apply to:

  • ’88 cash value (Employee Deferrals, including earnings, as of 12/31/88)
  • Employer Contributions (including earnings) 


  • 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. 
  • Amounts to satisfy the loan will not be taken from the Guaranteed Accumulation Account (GAA) or Voya GET Core Portfolio (GET). However, GAA or GET funds may be transferred to other 403(b) investment options to qualify for a loan. 

Please note: loans will reduce account balances, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply. 

Distribution Options

There are several distribution options to choose from including:

  • Lump sum
  • Systematic distribution options
  • Variety of fixed and/or variable lifetime-based or period certain payout options

Distributions will be taxed as ordinary income in the year the money is received, and may be subject to a 10% federal tax penalty if received prior to age 59½ (unless an exception applies). Keep in mind, the IRS requires that you begin receiving Required Minimum Distributions (RMD) at the later of when you attain age 70 ½ or retire.  

Death Benefit

Your benefits will be distributed according to the payment method in effect at your death (consistent with the provisions of the plan, contract, and applicable Required Minimum Distribution) if you die while receiving benefits. If you die before a payout starts, your beneficiary may elect to receive the value of your account or select one of several settlement options. 

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.

For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to '88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant's severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability.

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 Advisors 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. Product and services may not be available in all states.