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TRS supplemental savings plan (SSP) explained: Voya 457(b) features, limits and enrollment steps
Summary
Voya representative Tanya Coleman outlined the TRS Supplemental Savings Plan, a 457(b) option for TRS members, describing Roth and traditional options, contribution limits, investment choices and enrollment steps.
Tanya Coleman of Voya Financial described the TRS supplemental savings plan (SSP), a 457(b) deferred-contribution plan available to TRS members, and outlined how members can enroll and invest.
Coleman said participation in the SSP is optional and limited to active TRS members (hourly and extra‑duty personnel are exceptions). For 2025 the presenter cited the IRS annual contribution limit of $23,500. The plan’s minimum contribution is $30 per pay or 1% per pay, and contributions are payroll-deducted.
Participants may choose a traditional 457(b) (pre‑tax contributions and taxable withdrawals in retirement) or a Roth 457(b) (post‑tax contributions and potentially tax‑free qualified distributions). The SSP allows a mix of both. Coleman noted that unlike many 403(b) accounts, the TRS 457(b) has no 10% early‑withdrawal IRS penalty for distributions after separation from TRS service; the plan also offers a special three‑year catch‑up provision. The SSP permits unforeseen emergency withdrawals but does not offer loan provisions.
Investment options include a self‑directed menu of funds for members who prefer to manage allocations and target‑date funds for a professionally managed, lifecycle approach; members may change investment selections daily, though Coleman advised against frequent trading. Enrollment steps provided: register at trsi0ssp.voya.com, choose contribution amount and tax treatment (traditional/Roth/both), select investments (do‑it‑myself or do‑it‑for‑me), and designate beneficiaries. After enrollment members receive a PIN via mail (a security feature) and a welcome email; the PIN is required to make later changes online or by phone.
Coleman also directed members to schedule appointments with Voya representatives using the plan’s contact channels and reminded participants to coordinate SSP decisions with other retirement planning (TRS pension estimates and outside financial advice).
