457(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 pension-eligible employees (Casual-Seasonal employees are not eligible). There are no age or length of service requirements. You are automatically 100% vested immediately upon joining the Plan.


Under the Plan, the maximum annual contribution amount is set by IRS guidelines on a yearly basis. View the current contribution limits.

For more information on whether or not you are eligible for the increased contribution limits, please contact your local representatives.

Contributions and any earnings are tax-deferred and will be taxed as ordinary income when distributed.


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 an unforeseeable emergency, which are considered to be triggering events.

Please note: The IRS requires that distributions under a 457(b) plan begin no later than the April 1st of the calendar year following the calendar year in which you attain age 72 or separate from service, whichever occurs later. If you fail to receive the minimum required distribution for any tax year, a 50% excise tax is imposed on the required amount that was not timely distributed. These rules are referred to as IRS required minimum distribution (RMD).

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. 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.