This is a supplemental retirement plan which provides employees with the opportunity to invest money on a before tax basis or after tax (ROTH) basis, using payroll deduction.
The before tax aspect is what makes tax deferred annuities very attractive. Because your taxable income is reduced, you can invest money and defer taxes. Participants defer federal and state income tax on their contributions. In addition, interest or earnings on your account accumulates tax-deferred. No taxes are paid on the account until you begin withdrawing funds.
If you choose to invest money on an after tax basis or into what is called a ROTH
403(b) account, the money will come out of your paycheck after it has been taxed.
Therefore, distributions from the ROTH 403(b) will be tax-free for federal income
tax purposes if they are Qualified Distributions.
For more information about VOYA, please visit their home page at http://www.voyaretirementplans.com.
You can contact either of your local VOYA Agent for more information:
Keith Jones (601) 248-1689, email@example.com
Colette Riha (225) 266-9413 firstname.lastname@example.org
Connie Shaver (225) 266-4032 email@example.com
EGTRRA (Economic Growth and Tax Relief Reconciliation Act) of 2002 allows for the
following contribution limits on tax-deferred annuities for 2015: $18,000.00 per year,
plus an additional $6000.00 for participants if they will be over age 50 by the end
of the calendar year of those older than 50. An additional catch-up provision may
also be available for employees with 15 years of service at the university.
Call (985)549-2057 for more information.