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Contributions and any earnings are tax-deferred and will be taxed when withdrawn, and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59½., unless an IRS exception applies.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 representatives, 302-318-8840.
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.