403(b) Plan Overview

Below are the important features about the plan. This website is intended to be a summary of the plan provisions.  In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.


The contributions are made on a pre-tax basis. Contributions made from your wages "reduce" your salary by the amount of your contribution, and you are not taxed on those contributions or the earnings until the money is distributed. Contributions are invested according to your investment selection. Please note that distributions will be taxed as ordinary income when distributed and are subject to any applicable tax penalties.

Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.

Contract Exchanges

The Plan permits you to move existing Plan assets with prior investment providers to Voya®.

Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you exchange assets.



The Plan permits you to rollover amounts from a 401(a)/(k), 403(b) or governmental 457(b) plan or a traditional IRA.

Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you rollover assets.

Please note: Any rollover amounts from a 401(a)/(k) plan; a 403(b); or a traditional IRA will remain subject to the 10% early withdrawal tax penalty when rolled into a governmental 457(b) plan.


Loans are available only if authorized by your employer.

In general, you may have only one outstanding loan at a time for a maximum duration of 60 months. However, you may also take an additional loan for a maximum duration of 240 months if that loan is used for the purchase of your primary residence.

In general, the maximum loan amount is the lesser of:

1. $50,000 minus the excess of the highest outstanding balance of loans during the last one year period ending on the day before the loan is taken over the outstanding balance of loans on the date the loan is taken; or

2. 50% of your vested account balance.

There is a $100 loan initiation fee.

The loan interest rate is 6% and is applied back to your account. Please note: loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.

Permitted Distributions

403(b) plans are intended to be long-term investment vehicles. In general, contributions made to the Plan may only be withdrawn due to:

  • Attainment of age 59½ (withdrawals prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax);
  • Severance from employment;
  • Your death or disability;
  • Financial hardship.

In addition, your Roth 403(b) Contributions may be distributed tax-free only if the following criteria are met.

You have met a 5-year holding period requirements and the distribution is due to:

  • Attainment of age 59½
  • Disability
  • Death

It is important to note that the Roth 403(b) will have the same restrictions on pre-59½ withdrawals as does the traditional (pre-tax) 403(b). In addition, you may not purchase IPERS service credit with Roth contributions and earnings.

Please Note:

A 403(b) plan may also include provisions allowing for additional access to funds in your account. Funds may be withdrawn by an alternate payee under a qualified domestic relations order once your account is divided in accordance with a court order. You may also be able to transfer pretax funds from the 403(b) plan to IPERS for the purchase of IPERS service credits if qualified.


For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to '88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant's severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability. For 403(b)(7) custodial accounts, Employee deferrals and employer contributions (including earnings) may only be distributed upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: hardship withdrawals are limited to: employee deferrals and '88 cash value (earnings on employee deferrals and employer contributions (including earnings) as of 12/31/88).

Payment Options

  • Partial or Lump-sum Withdrawal
  • Systematic Withdrawal Option – Specified period or specified amount
  • Iowa Retirement Investors’ Club (RIC) Conservation Option – IRS annual required minimum distribution
  • Rollover to another eligible retirement plan
  • Combination of payout and annuity options
  • Annuity options

Annuity Options

A variety of annuity options are available including:

  • Payments for a Iowa Retirement Investors’ Club (RIC) Period between 5 – 30 years
  • Payments for the life of one or two people
  • Payments for the life of one or two people guaranteed for a Iowa Retirement Investors’ Club (RIC) period between 5- 30 years
  • A combination of the above

Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency

Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the Voya® family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states.