403(b) Plan

Below are the important features about your 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. For more information, please contact your local representative, 302-318-8840.


The Plan is a voluntary plan available to all employees working in a public school, charter school, DTCC, DSU and the Dept of Education regardless of pension eligibility. There are no age or length of service requirements. You are automatically 100% vested immediately upon joining the Plan.


Contributions under the Plan are made by participants through a reduction in salary. 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.

Contributions and any earnings are tax-deferred and will be taxed when withdrawn, and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59½., unless an IRS exception applies.


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.


Withdrawals are allowed upon separation from service, attainment of age 59½, death, QDRO or for a financial hardship, which are considered to be triggering events. 

If you are eligible and choose to take a withdrawal, there is a $25 distribution fee (applicable for distributions including QDROs, in-service withdrawals, hardship distributions/unforeseeable emergency distributions, terminations, and Required Minimum Distributions).

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

  • Systematic withdrawal of your account (for account balances of at least $5,000)
  • Deferral of all or a portion of your benefits to a later date
  • Lump sum, or partial lump sum distribution in combination with other options
  • Annuity Options
  • Rollover into Another Eligible Plan

If at a later date you decide your existing payment option may not be appropriate for your current situation, you may make a change. (Please note: you will not be permitted to make a change if you previously elected an annuity payment option.) Withdrawal forms can be obtained by contacting Voya’s Retirement Readiness Service Center at toll-free 800-584-6001 or by logging into your online account and visiting the "Withdrawals" menu.

For more information, please contact your local representatives302-318-8840.

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.

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.

Mutual funds under a custodial or trust account agreement are intended as long-term investments designed for retirement purposes.  Money distributed 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 the original amount invested.  A group fixed annuity is an insurance contract designed for investing for retirement purposes.  The guarantee of the fixed account is based on the claims-paying ability of the issuing insurance company.  Although it is possible to have guaranteed income for life with a fixed annuity, there is no assurance that this income will keep up with inflation.  Early withdrawals, if taken prior to age 59½ will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies.  Amounts distributed will be taxed as ordinary income in the year it is distributed.  An annuity does not provide any additional tax deferral benefit; 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 offer 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. For 403(b)(7) 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).