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Voya explains TRS supplemental savings plan (457(b)): enrollment, tax options and access rules
Summary
Voya Financial, the TRS supplemental savings plan (SSP) administrator, described the 457(b) plan’s pretax and Roth options, contribution limits and investment approaches and highlighted unique access features compared with 403(b) plans.
Terry Bailey, a retirement plan education specialist with Voya Financial, summarized the TRS Supplemental Savings Plan (SSP), a voluntary 457(b) deferred compensation plan TRS contracted Voya to administer.
The plan is voluntary and intended as a uniform, low‑cost option for TRS members. For 2025, the IRS annual elective deferral limit noted in the session is $23,500. Minimum payroll contribution into the SSP is $30 per pay (or 1% of each paycheck), and contributions are withheld automatically from paychecks. Participants may choose pretax (traditional) 457(b), Roth post‑tax 457(b), or split contributions across both, subject to the same annual dollar limit.
Bailey explained investment choices: a “do‑it‑yourself” option where members select among mutual‑fund investment options, or a “done‑for‑you” professionally managed option that adjusts risk as the member nears a target retirement date. The plan allows year‑round open enrollment for active contractual TRS members, and accounts move with members between TRS participating districts; members only need to change their payroll deduction at the new district.
A key difference between 457(b) deferred compensation and 403(b) tax‑sheltered annuities is access rules and fee structure: the 457(b) allows penalty‑free access to pretax savings upon separation from service (taxes apply on withdrawal) whereas many 403(b) distributions face a 10% early withdrawal penalty before age 59½; some 403(b) products also have annuity wrappers or additional fees. Bailey also noted plan features such as limited unforeseen emergency withdrawals and the availability of tools and counseling at voya.com and the TRS‑SSP member site.
Ending: Voya’s presentation emphasized that members decide contribution amounts and investment approach, should name beneficiaries, and that the SSP follows members across TRS districts; enrollment details are at trsilssp.voya.com.
