403(b) TDA Plan

Below are the important features about your employer's 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.

Whether you are in the Teacher Retirement System or the ORP, you can enjoy the benefits of systematically saving pretax dollars by contributing to a 403(b) Tax Deferred Annuity (TDA). A TDA will reduce your currently taxable income.


  • Choices and control of your investments 
  • Tax-deferred investing – Under the Internal Revenue Code, with a 403(b) program, you are taxed only when you begin taking distributions, at which time you may be in a lower tax bracket. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. 
  • Portability of your account 
  • Personalized, prompt account services 
  • Retirement information and services that continue even after you retire 
  • A variety of payout options at retirement 
  • Declared interest rate on Fixed Interest Account (offered by Voya Retirement Insurance and Annuity Company) Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company. Guarantees do not apply to the investment return or principal value of the separate account.  
  • Unlimited transfers between variable investment options via Internet, phone, or in writing. Subject to the excessive transfer policy. 
  • Personalized, individual assistance


You decide, within certain Internal Revenue Code (IRC) limits, how much of your income you want to invest. Your employer will reduce your paycheck before income tax by that amount and forward it to be invested according to your instructions. Because these contributions are made on a pre-tax basis, you won't be taxed until you begin taking distributions.

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.


  • When you are ready to retire, you may choose from several disbursement options including: 
  • Lump sum withdrawal; 
  • Partial withdrawal; 
  • Systematic withdrawal by specifying a percentage, a dollar amount, or a time period; 
  • Payments guaranteed for your lifetime or for as long as either you, or your beneficiary, are alive. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

What if I die before I retire?

Your named beneficiary will receive the total current cash value of your account, or may select a settlement option. If your spouse is your beneficiary and wants to delay receipt of the income for tax purposes, he/she can do this up until the date you would have reached age 70½. 


  • Any contributions that you make to your TDA after 12/31/88 and any earnings on the total account value that accumulates after 12/31/88 may only be withdrawn under one or more of the following circumstances:
  • Severance from employment;
  • Attainment of age 59½;
  • Your death or disability; or
  • Financial hardship.

A 10% IRS premature distribution penalty tax may be assessed on withdrawals unless you are:

  • Age 55 or older;
  • Become disabled or die;
  • Receive the funds under a settlement option payable over your lifetime or the lifetimes of you and your beneficiary;
  • Exchange the funds for another 403(b) account or rollover the funds into an IRA; or
  • Use the funds to pay sizable medical bills not covered by insurance.

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Variable annuities are intended as long-term investments designed for retirement purposes. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.                                                            

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.