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TRS supplemental savings plan (457) presented by Voya: contribution, investment and enrollment options
Summary
Voya representative outlined the TRS Supplemental Savings Plan (SSP/457), differences with 403(b) plans, Roth and traditional options, contribution limits and enrollment instructions for TRS members.
Stacy Russell, a representative of Voya, described the optional TRS Supplemental Savings Plan (SSP), an employer‑sponsored 457(b) program established after a 2018 change to the Illinois pension code as an optional, state‑wide retirement savings benefit for TRS members.
Russell said the SSP is intended to complement, not replace, the defined‑benefit TRS pension and is voluntary. Members eligible to participate are TRS members; contributions are payroll deducted. For 2025 Russell cited the IRS elective deferral limit of $23,500 and said additional catch‑up amounts may be available for members over age 50, members aged roughly 60–63 (higher catch‑up thresholds may apply), and special double‑contribution…
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