Voya Financial 457(b) Plan - Reviews, Benefits, Fees & Ratings

Do you want to save for retirement? If so, you may want to consider investing in a Voya Financial 457(b) Plan. This type of plan is designed specifically for employees of public schools and tax-exempt organizations.

In this guide, we will provide an overview of the Voya Financial 457(b) Plan, including reviews, benefits, fees and ratings. We will also discuss how to enroll in the plan and what investment options are available.

What is a Voya Financial 457(b) Plan?

A Voya Financial 457(b) Plan is a retirement savings plan offered by Voya Financial. It is available to employees of public and non-profit organizations. The plan allows employees to save for retirement on a tax-deferred basis.

Employees can contribute to the plan through payroll deductions. Employers may also make contributions to the plan on behalf of employees.

How Does a Voya Financial 457(b) Plan Work?

A Voya Financial 457(b) Plan works by allowing employees to set aside a portion of their paycheck into the account. This money can then be used for retirement expenses, such as a nest egg or income during retirement. The plan may also offer other benefits, such as matching contributions from an employer or tax breaks.

What Are The Key Features of a Voya Financial 457(b) Plan?

There are a few key features of the Voya Financial 457(b) Plan that make it an attractive option for employees.

First, there is no limit on how much you can contribute to the plan. This means that you can sock away as much money as you want for retirement, without having to worry about contribution limits.

Another key feature of the Voya Financial 457(b) Plan is that your contributions are made on a pretax basis. This means that you can reduce your taxable income by contributing to the plan, which can save you money at tax time.

Finally, the Voya Financial 457(b) Plan offers a wide variety of investment options. This gives you the flexibility to invest your money in the way that best suits your needs.

What Commissions and Management Fees Does a Voya Financial 457(b) Plan Come With?

Voya Financial's 457 plans come with a variety of fees and commissions, depending on the type of investment you choose.

For example, if you decide to invest in one of their mutual funds, you'll pay a commission of 0.25% per year. However, if you opt for one of their index-based ETFs, you'll only pay a commission of 0.15% per year. As for management fees, Voya Financial's 457 plans come with an annual fee of 0.30%.

What Are The Advantages of a Voya Financial 457(b) Plan?

There are several advantages of a Voya Financial 457(b) Plan. One is that it allows you to save for retirement on a tax-deferred basis. This means that you will not have to pay taxes on the money you contribute to your 457(b) Plan until you withdraw it at retirement.

Another advantage of a Voya Financial 457(b) Plan is that it offers a wide range of investment options. This gives you the flexibility to invest your money in the way that best suits your needs.

Finally, a Voya Financial 457(b) Plan offers a death benefit. This means that if you die before you retire, your beneficiaries will receive the money in your account.

What Are The Disadvantages of a Voya Financial 457(b) Plan?

The main disadvantage of a Voya Financial 457(b) Plan is that it has high fees. The other disadvantages are that it is only available to employees of certain companies and that it has a limited investment selection.

Overall, though, the benefits of a Voya Financial 457(b) Plan outweigh the disadvantages. If you're eligible for one, it can be a great way to save for retirement.

What Are Some Alternatives to a Voya Financial 457(b) Plan?

There are a few alternatives to the Voya Financial 457(b) Plan.

One option is the 403(b) plan, which is offered by many public schools and non-profit organizations.

Another option is the 401(k) plan, which is offered by most for-profit companies. Finally, there is the Individual Retirement Account (IRA), which anyone can open at any bank or brokerage firm.

Which option is best for you will depend on your specific situation. If you work for a non-profit organization, the 403(b) plan might be the better choice. If you work for a for-profit company, the 401(k) plan might be the better choice.

How Do You Open a Voya Financial 457(b) Plan?

To open a Voya Financial 457(b) Plan, you'll need to be employed by a state or local government entity, or a nonprofit organization that offers the plan. You'll also need to be at least 18 years old and have an annual salary of $12,600 or more.

Once you're eligible, you can open a Voya Financial 457(b) Plan by:

• contacting your employer's benefits administrator
• visiting Voya's website
• calling Voya's customer service

Once you have a plan, you can start contributing to it right away. The amount you can contribute will depend on your salary and the contribution limits set by the IRS.

What is The Minimum Amount Required to Open a Voya Financial 457(b) Plan?

There is no minimum amount required to open a Voya Financial 457(b) Plan. However, you must contribute at least $20 per pay period to participate in the plan. If you do not meet the minimum contribution requirement, your account will be subject to a $50 annual maintenance fee.

What Are The Voya Financial 457(b) Plan Contribution Limits?

There are two types of contribution limits for the Voya Financial 457(b) Plan. The first is the employee contribution limit, which is the amount that you can contribute to the plan each year. The second is the employer contribution limit, which is the amount that your employer can contribute to the plan on your behalf each year.

The employee contribution limit for the Voya Financial 457(b) Plan is $19,500 per year. The employer contribution limit for the Voya Financial 457(b) Plan is $37,000 per year.

If you are age 50 or older, you may be eligible to make catch-up contributions to the Voya Financial 457(b) Plan. The catch-up contribution limit for the Voya Financial 457(b) Plan is $6000 per year.

What Are The Eligibility Requirements for a Voya Financial 457(b) Plan?

The Voya Financial 457(b) Plan is available to employees of state and local governments and some nonprofit organizations. Employees must be 18 years old or have completed one year of service, whichever is later.

Do You Pay Taxes On a Voya Financial 457(b) Plan?

You may be wondering if you have to pay taxes on a Voya Financial 457 plan. The answer is no, you don't have to pay taxes on a Voya Financial 457 plan.

This is because the money in your Voya Financial 457 plan is tax-deferred. This means that you won't have to pay taxes on the money in your Voya Financial 457 plan until you withdraw it.

However, there are some restrictions on how you can use the money in your Voya Financial 457 plan. For example, you can't use the money in your Voya Financial 457 plan to buy a house or a car. You can only use the money in your Voya Financial 457 plan for qualified expenses, such as retirement.

If you withdraw money from your Voya Financial 457 plan before you retire, you will have to pay taxes on the money that you withdraw. You may also have to pay a penalty.

When Can You Withdraw Money From a Voya Financial 457(b) Plan?

You can begin withdrawing money from your Voya Financial 457(b) Plan when you reach age 59½. However, if you leave your job before then, you may be subject to an early withdrawal penalty.

How Does a Voya Financial 457(b) Plan Compare to a 401K

The biggest difference between a Voya Financial 457(b) Plan and a 401K is that the former is designed for employees of state and local governments, while the latter is available to private sector workers.

Both types of retirement savings plans offer tax-deferred growth and allow participants to contribute pre-tax dollars, but there are some key distinctions worth noting.

For starters, the contribution limits for a Voya Financial 457(b) Plan are significantly higher than those for a 401K. Participants can contribute up to $19,000 per year (or $25,000 if they're 50 or older), compared to just $18,500 for a 401K (or $24,500 for those 50 and up).

Another key difference is that while 401K funds can be accessed before retirement age, there are significant penalties for doing so with a 457(b) Plan. Withdrawals from a 401K before 59½ are subject to a ten percent early withdrawal fee, plus taxes on the amount withdrawn.

By contrast, withdrawals from a 457(b) Plan are subject to both state and federal taxes, as well as a ten percent early withdrawal penalty.

What Assets Are Available With a Voya Financial 457(b) Plan?

The Voya Financial 457(b) Plan offers a wide range of investment options, including stocks, bonds, mutual funds, and ETFs. You can also choose to invest in a self-directed brokerage account. The plan does have some restrictions on investments, however. For example, you cannot invest in life insurance or collectibles.

Why Do People Use a Voya Financial 457(b) Plan?

People use a Voya Financial 457(b) Plan because it allows them to save for retirement on a tax-deferred basis. This means that the money you contribute to your 457 plan will not be subject to federal income tax until you withdraw it. Additionally, many states offer state tax breaks for contributions to a 457 plan.

For example, if you are in the 25% federal tax bracket and you contribute $18,000 to your 457 plan, you will save $4500 in federal taxes. If your state has a similar tax break, you could potentially save even more money.

Another reason people use a Voya Financial 457(b) Plan is because the money can be used for any purpose after you retire. This is different from other retirement savings plans, such as a 401(k), which has restrictions on how the money can be used.

Does a Voya Financial 457(b) Plan Accept Rollovers?

Yes, the Voya Financial 457(b) Plan does accept rollovers from other eligible retirement plans. This includes 401(k)s, 403(b)s, traditional IRAs, and Roth IRAs. You can also roll over assets from a previous employer's 457 plan into your Voya Financial 457(b) Plan.

To initiate a rollover, you'll need to contact Voya Financial and request a rollover kit. This kit will include all the forms and instructions you need to complete the rollover process. Once you've completed the paperwork and sent it back to Voya Financial, they will take care of the rest.

How Long Does It Take to Transfer to a Voya Financial 457(b) Plan?

The good news is that it doesn't take long to transfer your account to Voya Financial. In most cases, the process can be completed within a few days.

However, it's important to note that there may be some delays depending on your current provider. When you're ready to make the switch, simply contact Voya Financial and they'll take care of the rest.

How Do You Put Money Into a Voya Financial 457(b) Plan?

You can contribute to a Voya Financial 457(b) Plan in a few different ways. The most common way is through payroll deduction, which allows you to have a certain amount of money deducted from your paycheck each pay period and deposited into your 457 account.

You can also make one-time or recurring contributions by check, money order, or credit card. If you're self-employed or own your own business, you can make contributions directly to your 457(b) Plan.

Can You Open a Voya Financial 457(b) Plan For a Child?

Yes, you can open a Voya Financial 457 plan for your child. This type of account is known as a custodial account. You will be the custodian of the account until your child reaches the age of majority, which is 18 in most states.