Who is Voya Financial®, Inc.?_
Voya is a leading provider of deferred compensation education, administration and investment services to government plan sponsors and participants. Through our predecessor companies, we have serviced government retirement plans since 1972 and currently provide investment and/or administrative services to more than 4,300 cities, counties and municipalities.
What is a 457(b) deferred compensation plan? +
A 457(b) deferred compensation plan is a retirement plan that allows you to make contributions into an account established on your behalf. Your contributions are made on a pre-tax basis, and any earnings are tax-deferred. Taxes are due when money is distributed from the plan. The amounts accumulated on your behalf are distributed at retirement, or due to another qualifying event, such as severance from employment or death. For additional information regarding the MetroMax 457 Deferred Compensation Plan, please see the Plan Overview section.
What are the tax advantages to me of contributing to the plan?+
You pay no current federal income tax on your contributions or any earnings on those contributions. You will pay tax when you eventually withdraw money from the plan, but it is possible that you may be in a lower tax bracket when you receive those benefits.
If I am not currently participating in the 457 Plan, when can I enroll?+
We will be conducting group enrollment meetings throughout Metro. The Enrollment tab of this website includes information on enrolling in the plan.
What happens to my contributions?+
The IRS requires that distributions under a 457(b) plan begin no later than the April 1st of the calendar year following the calendar year in which you reach age 70½ or retire from Metro, whichever occurs later. An IRS 50% excise tax is imposed on a required minimum distribution amount that was not taken timely. These rules are referred to as the IRS minimum required distribution requirements (MRD). Voya does not offer tax or legal advice. You should consult with a tax advisor and / or tax attorney concerning your personal situation before making a financial / investment decision.
How can I receive information on fund performance?+
You can receive fund performance in a variety of ways:
How frequently will fund performance be updated? What historical performance will be shown?+
Fund performance will be updated on a monthly basis. Monthly performance reports will be available on this website under the icon "Fund Performance". Quarterly performance reports will be available on this website, and will be included with your quarterly statements. You will be able to track daily fund prices online; simply by accessing your account through the following link: Account Login