Overview+

What is a workplace retirement plan?

It is estimated that most of the retirement income for U.S. workers will come from what they have saved through their employer-sponsored savings plan. Here’s how it works: you contribute part of your income into one of these retirement plans, then you manage the growth of that money federal income tax-deferred by purchasing investments such as mutual funds, stocks, bonds, and ETFs through the plan. In addition, many plans also allow your employer to make optional contributions. 

How to choose the right plan for you.

The 401k, the 403b and the 457 plans are similar — your employer offers the one designed for your type of organization. If you are self-employed, a small business owner, or the employee of a small business, a SEP plan or a SIMPLE IRA are alternative ways to set aside money income tax-deferred for retirement. In some cases, only your employer (not you) can contribute to a 401a. All plans let you contribute additional money into your own Traditional IRA or Roth IRA. However, If you are an active participant in a plan, your contribution to an IRA may be limited. 

Why Voya?

Voya serves over 47,000 workplace retirement plans for over 5 million participants. 

Types of Workplace Retirement Plans +

Types of Workplace Retirement Plans

Different types of organizations qualify for different plans. Talk to your employer or give us a call to help you sort it all out and get you started. 

Tax-deferred earnings, employer contributions, and a wide choice of investments 

If you work for a public school, a non-profit organization or a non-denominational church, a 403b may be a great way to save for retirement.  

An incentive plan for select employees with exclusive benefits to you and your beneficiaries. 

If your employer is a governmental entity or a tax-exempt organization, you may be eligible for tax-deferred retirement savings benefits by participating in a 457b plan. 

Self-employed or a small business owner? A Simplified Employee Pension (SEP) is a retirement plan that lets you to make tax-deferred contributions to your employees. 

Whether you’re self-employed or have up to 100 employees, a SIMPLE IRA can give you big-time retirement benefits without the big-time costs.   

Get Started +

Get Started

If you’re thinking about setting up a Plan for your organization, or if you’re considering rolling over your money from an old account into a new account, we can help you consider all your options. 

Questions about your financial plan?

We can help you with retirement planning.
Contact

This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice.  All investments are subject to risk.  We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.

The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Securities and investment advisory services offered through Voya Financial Advisors, Inc., member SIPC.

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.