Frequently Asked Questions

Who is Voya Financial®?
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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 thousands of cities, counties and municipalities.

What is a 457(b) deferred compensation plan?
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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?
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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?
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Please contact our local office in Nashville at (615) 627-1500, Option 3, for assistance with the enrollment process. The Enrollment section of this website includes additional information about enrolling in the Plan.

When do I have to start taking distributions from my account?
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The IRS requires that required minimum distributions (RMDs) 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 72 or retire from Metro, whichever occurs later. An IRS 50% excise tax is imposed on a RMD amount that was not taken in a timely manner. 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 or investment decision.

How can I receive information on fund performance?
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You can receive fund performance in a variety of ways:

  • Through this customized website for MetroMax;
  • With your quarterly participant statements;
  • Through our local Nashville office;
  • By calling our toll-free telephone line (800) 584-6001, or
  • Through the Metro website at www.nashville.gov

How frequently will investment performance be updated? What historical performance will be shown?
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Fund performance is updated on a monthly basis. Monthly performance reports are available on this website under the Investments tab. Quarterly performance reports are included as part of your statements from Voya. You can also log in to your account to track the investment performance of your MetroMax account.

You should consider the investment objectives, risks, and charges and expenses of the mutual funds offered through a retirement plan, carefully before investing. The fund prospectuses and information booklet containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Not FDIC/NCUA/NCUSIF Insured | Not a Deposit of a Bank/Credit Union | May Lose Value | Not Bank/Credit Union Guaranteed | 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.