Welcome to the Texas Tech University
Optional Retirement Plan (ORP) and
Tax Sheltered Annuity (TSA) Plan
Your planning choices today could impact the quality of your retirement tomorrow. As a Texas Tech University employee, you have several options for retirement planning in addition to your Teacher’s Retirement System of Texas (TRS) plan. Voya is one of your providers for two of your options:
- Optional Retirement Program (ORP) 403(b)(1) Plan – an alternative to the TRS
- Optional Retirement Program (ORP) 403(b)(7) Program– an alternative to the TRS
- Tax Sheltered Annuity (TSA) 403(b)(1) Plan – a program for retirement investing
- Tax Sheltered Annuity (TSA) 403(b)(7) Program – a program for retirement investing
But which one is right for you? Fortunately, you have help to make that decision. As a provider of these programs for Texas Tech University, Voya works with you to:
- Educate you about your ORP and 403(b)(1) program options
- Help you create a long-term plan toward meeting your retirement objectives
- Meet with you regularly to review your progress
- Provide service over the phone, online - whichever you prefer
Learn more about your retirement plan options with Voya: Understand the plansLearn about your investment optionsAccess your account informationEnroll Get helpLearn more about investment/retirement planning This website is only one of the methods for you to receive information about the Program and your account. Other services available include:
Please contact us if you have any questions -- just call (800) 873-5518, or email us You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options; or mutual funds offered through a retirement plan, carefully before investing. The prospectuses/prospectus summaries/information booklets contain this and other information, which can be obtained by contacting your local representative. Please read the information carefully before investing.
- One-on-one meetings on a variety of issues, including enrollment, general investment principles, distribution planning
- Dedicated representatives for University of Texas campuses
- Investment education tailored to individual learning needs
- Toll-free access to a customer information center and 24-hour automated voice response unit; Customer Service is available Monday - Friday 7:00 a.m. - 8:00 p.m. (Central Time)
- Timely and detailed quarterly account statements
- Informative quarterly newsletters
- Read Voya’s policy on excessive trading.
Variable annuities and mutual funds offered through a 403(b)(7) custodial account are long-term investments designed for retirement purposes. Early withdrawals prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax. Money taken from the account 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. Tax deferral is provided by your employer’s plan and the tax deferral of the annuity does not provide any additional benefit. Annuities may be subject to additional fees and expenses to which other tax-qualified plan funding vehicles my not be subject. However, annuities provide features and benefits such as lifetime income payments and death benefits, which may be valuable to you.
For 403(b)(1) annuities, the Internal Revenue Code (IRC) generally prohibits withdrawals of 403(b) salary reduction contributions and earnings on such contributions prior to death, disability, age 59 1/2, severance of employment, or financial hardship. Amounts held in a 403(b)(1) annuity as of 12/31/1988 are "grandfathered" and are not subject to these restrictions. For 403(b)(7) custodial accounts, the IRC generally prohibits withdrawals of any contributions and attributable earnings prior to death, disability, age 59 1/2, severance of employment, or financial hardship. For both 403(b)(1) annuities and 403(b)(7) custodial accounts, the amount available for hardship is limited to the lesser of the amount necessary to relieve the hardship, or the account value as of 12/31/1988 plus the amount of any salary reduction contributions made after 12/31/1988 (exclusive of any earnings.)