TRS supplemental savings plan (457) presented by Voya: contribution, investment and enrollment options

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 rules for members within three years of retirement. She said the plan accepts rollovers and that members should consult Voya or TRS staff before consolidating accounts.

Russell explained the plan’s investment choices: a self‑directed option where the participant selects among offered funds; and a managed “do it for me” option using BlackRock target‑date funds that automatically adjust allocations toward a target retirement year (age 65 was cited as an example). She described Roth and traditional (pre‑tax) contribution options: traditional deferrals lower current taxable income and are taxed in retirement; Roth deferrals are after‑tax now and qualified distributions of earnings are tax‑free if the Roth account has been open for at least five years.

Russell compared the TRS SSP to 403(b) plans: TRS membership is required to participate in the SSP, whereas 403(b) plans generally have broader employee eligibility. She said an important difference is that the SSP’s 457 structure allows withdrawals without the IRS 10% early‑withdrawal penalty upon separation from service (unlike some 403(b) arrangements). She also noted that 403(b) plans can permit loans or hardship withdrawals in some cases; the SSP has a narrower standard for unforeseen emergency distributions and does not currently permit plan loans.

On enrollment, Russell directed members to trsilssp.voya.com (presented as the enrollment website) and a plan customer care number (844‑877‑4572, 7 a.m.–7 p.m. Monday–Friday). She said members will be asked to select contribution type (pre‑tax/Roth), investment allocations and beneficiary information and that a PIN mailed to members is an extra account verification layer but not required to register. Russell and a colleague identified as Terry are available for consultations and in‑person or virtual appointments; Russell described Voya personnel as licensed financial advisors whose role is to educate members about the plan.

Russell closed by encouraging members with existing 403(b) accounts to consult the SSP representatives and TRS staff about which combination of plans best fits their retirement objectives.