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TRS rolls out uniform 457(b) Supplemental Savings Plan with Voya; how to enroll and how it differs from a 403(b)
Summary
Voya explained the TRS Supplemental Savings Plan (SSP), a voluntary 457(b) for TRS members with a $23,500 IRS limit for 2025, traditional and Roth options, investment choices, and the SSP enrollment steps and security PIN process.
Tanya Coleman of Voya described the TRS Supplemental Savings Plan (SSP), established after the Illinois General Assembly amended the pension code in 2018 to allow a standardized supplemental plan for TRS members.
Coleman said the SSP is a 457(b) deferred compensation plan chosen by TRS to provide a low‑cost, uniform option for members. "The TRS supplemental savings plan, which I will refer to as the SSP, is a 4 57 b deferred contribution plan that complements your TRS pension," she said. She noted IRS elective deferral limits for 2025 of $23,500 and that the TRS SSP offers both a traditional 457(b) (pre‑tax) and a Roth 457(b) (after‑tax) option.
Coleman highlighted several differences between the TRS 457(b) and a 403(b): participation in the TRS 457(b) requires TRS membership; the TRS 457(b) does not impose the IRS 10% early‑withdrawal penalty that typically applies to other plans, and it includes a special 3‑year catch‑up provision (compared to a 15‑year provision for some 403(b) catch‑ups). She also noted the TRS 457(b) permits unforeseen emergency withdrawals but does not include loan provisions; 403(b) plans often provide hardship and loan options.
On investments, Coleman said members can choose a do‑it‑myself option with a menu of funds or target‑date funds for a hands‑off approach. She described online tools and local TRS/Voya financial education specialists who can assist members. To enroll, Coleman instructed members to visit the SSP website, register, choose contribution amounts and pre/post tax options, select investments and beneficiaries, and submit; "once submit, you'll receive a welcome email" and TRS members will receive a PIN mailing as a security step before enrollment changes can be made.
Coleman added practical enrollment thresholds: the minimum contribution is $30 per pay or 1% per pay, and automatic payroll deductions are used. She closed by noting members receive assistance from Voya financial education specialists and that TRS will provide additional enrollment resources and PIN mailings.
The SSP is optional; members should compare the SSP with existing 403(b) or other defined contribution accounts and consider catch‑up rules and emergency withdrawal differences when deciding how to save in addition to a TRS pension.
