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Voya outlines TRS supplemental 457(b) savings plan: contribution limits, investment options and enrollment steps
Summary
Voya representative Tanya Coleman described the TRS Supplemental Savings Plan (SSP), a 457(b) plan for TRS members, including contribution limits, Roth vs. traditional options, investment choices and enrollment procedures.
Tanya Coleman, a Voya representative, presented features of the Teachers’ Retirement System supplemental savings plan (SSP), a uniform 457(b) plan created under a 2018 legislative change and administered for TRS by Voya.
The nut graf: The SSP is a voluntary, employer‑sponsored deferred contribution account designed to supplement the TRS pension; participation rules, tax treatment and investment choices determine how it complements the defined‑benefit pension.
Coleman said participation is optional and described the plan’s basic parameters: for 2025 the IRS elective deferral limit cited in the presentation is $23,500; the plan minimum contribution is $30 per pay or 1% per pay. Participants may choose a traditional pretax contribution (tax deferral now, ordinary income tax on distribution) or a Roth after‑tax contribution (taxed upfront, qualified distributions tax‑free if IRS rules are met). The TRS 457(b) differs from a 403(b) in several ways Coleman noted: the TRS 457(b) imposes no 10% early‑withdrawal penalty for separated participants, it offers a three‑year special catch‑up window, and it does not provide loan provisions (unlike many 403(b) plans); the plan does offer certain unforeseen emergency withdrawals.
Investment choices include self‑directed fund selection or target‑date (professionally managed) funds. Coleman said plan participants can change investments daily and may mix do‑it‑myself and managed options. To enroll, members register at the plan website, choose contribution amounts (pre‑ or post‑tax), select investments and name beneficiaries; after enrollment a PIN and mailed security envelope are issued as a security step and do not indicate automatic enrollment.
Ending: Coleman directed members to Voya’s enrollment portal and TRS materials for details and urged potential participants to consult plan specialists or local retirement education staff to set contribution levels and investment allocations appropriate to their retirement goals.
