403(b) Plan

Wake County Public Schools has selected Voya’s Retirement Choice II packaged program as the funding option for the 403(b) Plan.  With this program, you can build a portfolio from a broad menu of investment options managed by well-known mutual fund companies. There are target-date funds available along with a separate fixed interest option. The program offers a variety of employee services to assist you from enrollment to retirement. The following summary highlights some important plan features. For more information, please schedule an appointment Voya Financial Advisors to meet or speak with a local Plan representative. More details about plan features may be found in the Voya Retirement Choice II Information Booklet or the plan document maintained by your employer. 

Eligibility

All full-time, part-time and temporary employees of Wake County Public School System are immediately eligible to participate in the Plan. You do not have to wait for open enrollment.

Contributions

Contributions under the Plan are made by participants through a payroll deduction and will represent a reduction in salary either on a pre-tax or after-tax [Roth] basis. 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.Under the Plan, the maximum annual contribution amount is set by IRS guidelines on a yearly basis. You may view the current limits here https://voya.com/irslimits)

Distributions

Distributions made from pre-tax basis deferrals and any relevant earnings will be taxed when withdrawn, and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59½., unless an IRS exception applies. Distributions made from after-tax [Roth] deferrals and any relevant earnings will not be taxed when withdrawn and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59 ½

Rollovers

Rollovers from a previous employer’s 401(k), 403(b) or 457(b) are accepted. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation. For assistance with Contract Exchanges and Rollovers, schedule an appointment with one of the local Voya Plan representatives or contact the Voya Account Consolidation Team directly at (866) 865-2660 or email act@voya.com.

Loans

Loans are available. Please note loans may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.

Eligible Withdrawals, including Hardship Withdrawals, and Loans must be in accordance with plan rules and approved by the plan sponsor prior to requesting funds from your account at Voya. Wake County Public School System has selected planwithease.com to help administer these options in compliance with IRS regulations. Instructions on how to access your account on planwithease.com and request the approval certificate are on wcpss.beready2retire.com. Under the Plan Information tab click on In-Plan Exchanges & Plan Provider Distribution Requests. If you need assistance with planwithease.com, you may contact their customer service associates at 855-464-6928, Monday-Friday, 8 a.m. to 6 p.m. or at customerservice@planwithease.com.

Withdrawals

The following types of withdrawals from your pre-tax contributions are available through the Plan:

  • Attainment of age 59½
  • Disability
  • Severance from employment1
  • Death
  • Purchase of service credits with a Governmental Defined Benefit Plan
  • Hardship withdrawals may also be available in specific circumstances.

Distributions prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax. In addition, Roth contributions may be distributed tax-free only if the 5 year holding period requirement has been satisfied

When eligible for a withdrawal, your payment options are as follows:

  • Systematic withdrawal of your account (specified period of specified amount)
  • Estate conservation options (IRS Required Minimum Distribution)
  • Lump sum, or partial lump sum distribution in combination with other options
  • Rollover into another eligible Plan or IRA

Withdrawal forms can be obtained by contacting Voya’s Customer Service Center at 800-584-6001 or by logging into your online account and choosing Account>Withdrawals>Request A Withdrawal

Eligible Withdrawals, including Hardship Withdrawals, and Loans must be in accordance with plan rules and approved by the plan sponsor prior to requesting funds from your account at Voya. Wake County Public School System has selected planwithease.com to help administer these options in compliance with IRS regulations. Instructions on how to access your account on planwithease.com and request the approval certificate are on wcpss.beready2retire.com. Under the Plan Information tab click on In-Plan Exchanges & Plan Provider Distribution Requests. If you need assistance with planwithease.com, you may contact their customer service associates at 855-464-6928, Monday-Friday, 8 a.m. to 6 p.m. or at customerservice@planwithease.com.

1You may be eligible to withdraw funds that were rolled into your account from a former employer plan prior to severance, however, you may be subject to an IRS 10% premature distribution penalty tax

Annual Asset Based Fee

0.28% on all investment options. This fee is deducted from participant accounts quarterly. Fund management fees and other fund operating expenses will apply to all investment options under the plan, based upon the investment option chosen. Please refer to the individual Fund prospectuses for fund fee information.

Financial Wellness Experience

Financial wellness is about the balance of living for today, saving for tomorrow, and building confidence along the way. To help guide you, Voya is proud to bring you the Financial Wellness Experience. Log in to your account and select the Financial Wellness tab above myOrangeMoney. Complete your personal assessment to learn how to take meaningful actions for your financial future.

For 403(b) 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) 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).