FAQs

Who is Voya Financial®?
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VoyaTM is a leading provider of deferred compensation and defined contribution plan education, administration and investment services to governmental plan sponsors and participants. Voya, through its predecessor companies, has provided services to government plans since 1972. 

What is a 457 deferred compensation plan?
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A 457 deferred compensation plan is a retirement plan that allows you to make contributions into an account established on your behalf. Your contributions are made on a pre-tax basis, and all earnings are tax-deferred. The amounts accumulated on your behalf are distributed at retirement, or due to another qualifying event, such as severance from employment or death. Taxes are due when amounts are distributed or withdrawn from the plan. 

Who is eligible to participate in the Plan?
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Any eligible employee of the State of Rhode Island can participate in the Plan. An eligible employee is defined as any individual, whether appointed, elected, or under contract, providing services for the State of Rhode Island for which compensation is paid 

What is the minimum amount I can contribute to the Plan?
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To participate, you must agree to defer a minimum of $260 annually, or $10 per bi-weekly pay period. 

When are contributions credited?
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Contributions received in good order by the close of business, generally 4 p.m. Eastern Time (ET), on any day the New York Stock Exchange is open, will be processed at the close of that same business day and reflected in your account on the next business day. Contributions received in good order after the close of business, generally 4 p.m. Eastern Time (ET), on a New York Stock Exchange business day will be processed as of the close of business on the next business day. 

How is interest compounded?
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Interest in the Voya Fixed Account is compounded daily and credited to your account daily. 

How can I receive information on fund performance?
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You can receive fund performance in a variety of ways: 1.                Through the Fund Performance section of this website; 2.                With your quarterly participant statements and newsletter; 3.                Through our local office; or 4.                By calling Customer Service at (800) 262-3862.

Will Voya FinancialTM make available daily prices for each of the variable investment options?
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Yes. Daily fund prices are available by logging in to your online account.  Past performance does not guarantee future results.  

How frequently will fund performance be updated? What historical performance will be shown?
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Fund performance is updated on a monthly basis. Monthly and quarterly performance reports are available in the Fund Performance section of this website. Quarterly performance reports will also be included with your quarterly statements. You will be able to track daily fund prices on this website by logging in to your account.  Past performance does not guarantee future results. 

How can I change direction on my investments or receive information regarding my account?
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To make changes or receive information, please contact the Customer Contact Center toll-free number at (800) 262-3862. Customer Service Associates are available Monday - Friday, 8:00 a.m. - 9:00 p.m. E.T. The automated voice response system is available 24 hours a day, 7 days a week.  You can also make changes or obtain account information by logging in to your online account.

When can I receive a distribution under the Plan?
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Distributions are allowed from the Plan only upon: 1.                Severance from employment or retirement; 2.                Attainment of age 70 ½; 3.                Death; or 4.                An unforeseeable emergency. The Plan also includes a provision allowing the in-service distribution of accounts that do not exceed $5,000 if you have not contributed to the Plan during the prior two years and you have not received this type of in-service distribution in the past.

Once I have separated from service or retired, what are my withdrawal options?
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You can choose from several options: 1.                Leave your assets in the Plan and postpone any decision on the payment of benefits to a future date (no later than age 70 ½ or you retire, whichever is later). 2.                Receive your benefits immediately under one of the withdrawal options available under the Plan. Rollover your benefits into another employer-sponsored, eligible retirement plan (an eligible retirement plan is a 401 qualified plan, a 403(b) tax deferred annuity program, or another governmental 457(b) deferred compensation plan) or traditional IRA.

When am I subject to taxation?
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Amounts distributed directly to you from the Plan will be taxable to you when actually paid, and will be reported on IRS Form 1099R.  Federal income tax withholding will apply to your payments, as described below, based on whether you are eligible to rollover the distribution. 1.                If you receive a distribution that is eligible to be rolled over, a mandatory 20% will be withheld for Federal tax. 2.                If you receive a distribution that is not eligible to be rolled over, 10% for Federal tax will be withheld; however, you may elect to have no taxes withheld. Governmental 457(b) plan benefits are generally not subject to any applicable 10% premature distribution penalty tax if you receive that distribution prior to reaching age 59½. However, any withdrawal from the Plan that is attributable to an amount you rolled over from either another type of employer plan or an IRA would be subject to any applicable 10% premature penalty tax, provided you receive that distribution before age 59½ (unless an IRS exception applies).

How do I obtain forms for a distribution or an unforeseeable emergency withdrawal?
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When you become entitled to a distribution under the Plan or incur an unforeseeable emergency, you should call Service Center at (800) 262-3862 to request forms. 

What are the withdrawal fees?
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There are no fees for withdrawals. 

Once I choose a payment method, can I change how I’d like to receive my benefits?
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Yes. 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 that an annuity payment option may not be revoked.) 

When am I required to begin receiving distributions?
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The IRS requires that distributions under a 457 plan begin no later than the April 1st of the calendar year following the calendar year in which you attain age 70½ or separate from service, whichever occurs later. This rule is referred to as the IRS Required Minimum Distribution (RMD). If you fail to receive the RMD for any tax year, a 50% excise tax is imposed on the required amount that was not timely distributed. 

What is a systematic withdrawal option (SWO)? How and when are benefits paid under SWO?
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A systematic withdrawal option, or SWO, is one of the forms of periodic payment options available for the distribution of your benefits under the Plan. Under SWO, you elect whether to receive your benefits in a specified amount or over a stated period of time, subject to certain requirements. While you are receiving your SWO payments, you are still able to direct the investment of amounts remaining in your account. You may change the amount and timing of your SWO payments, as long as the minimum requirements are met and you continue to receive the Required Minimum Distributions (if applicable) under the Plan. You can choose from the following two SWO options: 1.                Specified period – not less than 3 years and no more than your life expectancy. 2.                Specified amount – must be at least $250 and cannot be more than 20% of your account. Once your election is made, Voya FinancialTM will pay your installment payments automatically in the method you select. You may choose to receive benefits monthly, quarterly, semi-annually or annually.

Can I rollover my benefits to another plan?
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Yes, upon retirement or severance from employment you are permitted to rollover your benefits to another employer-sponsored eligible retirement plan or traditional IRA. All distributions are eligible for rollover except for: 1.                An unforeseeable emergency withdrawal; 2.                IRS Required Minimum Distributions payable on or after you attain age 70 ½; and 3.                Periodic payments made over your life or a specified period of 10 years or more. Amounts rolled from the Plan to another plan type (other than another governmental 457 plan) would be subject to any applicable IRS 10% premature distribution penalty tax if distributed prior to age 59 ½ (unless an IRS exception applies).

I am in the process of getting divorced and need to complete a QDRO. How do I do this?
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The Department of Labor defines a "Qualified Domestic Relation Order" (QDRO) as a domestic relations order that creates or recognizes the existence of an alternate payee's right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a retirement plan, and that includes certain information and meets certain other requirements. If you need assistance with a QDRO, please contact the local Voya FinancialTM office for assistance at (866) 387-9003. 

Can I use my 457 to purchase service credit under the State’s defined benefit plan?
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You may elect to have any portion of your account balance under the Plan transferred to a defined benefit governmental plan that provides for the acceptance of a plan-to-plan transfer.  Please call our local office at (866) 387-9003 for assistance.

Can I take a loan under the Plan?
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No, loans are not available from the Plan. 

What are the fees under the Plan?
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An administrative fee is deducted from your account at an annual rate of 0.15%. There are no other fees under the Plan such as deferred sales charges or maintenance fees. Investment management fees may apply; please refer to the Investment Options fact sheets. 

How do I change my beneficiary under the Plan?
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If you would like to designate your beneficiary(ies) or make a change to your current designation, please fill out the Beneficiary Designation Form located in the Forms and send it to: Voya Retirement Insurance and Annuity Company PO Box 990063 Hartford, CT 06199-0063 Fax: (800) 643-8143 

What happens if I don’t designate a Plan beneficiary?
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If you do not name a beneficiary (or if your beneficiary predeceases you or does not survive you by 30 days), death benefits will be paid to your estate. 

When are statements mailed?
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Statements are mailed quarterly, showing all transactions within your account for the quarter. This would include contributions, withdrawals and fund transfers.  You can also sign up to receive your statements electronically. To do so, login to your online account.

How quickly will my transaction requests be processed?
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Transactions received in good order by the close of business, generally 4 p.m. Eastern Time (ET) on any day the New York Stock Exchange is open, will be processed at the close of that same business day and reflected in your account on the next business day. Transaction requests received in good order after the close of business, generally 4 p.m. ET on a New York Stock Exchange business day, will be processed as of the close of business on the next business day. All transactions are processed within these timeframes regardless of whether you use the Internet, automated voice response system, or speak with Customer Service.

Will Voya Financial confirm the transactions I make?®
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Yes; any time you make a change to the manner in which your ongoing contributions are invested or the way your current account is invested, a written confirmation will be mailed to your home within two days of the date the transaction is made. You will receive this confirmation if you make financial transactions over the Internet, through the automated voice response system, or by speaking with Customer Service. 

Are there any transaction fees if I make a change using the Internet? What if I use the toll-free telephone line?
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No. There are no transaction fees associated with any of the transactions you make with Voya FinancialTM, whether you make them using the Internet, the automated voice response unit, or by speaking with Customer Service. 

Where can I get more information?
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Individual support including financial and investment education is available from your local VOYA representative.* Please reference your VOYA statement to find your representative. You may also call (866) 387-9003. *Registered Representatives of and securities offered through Voya Financial Advisors, Inc., member SIPC. 

Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). All companies are members of the Voya ® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Products and services may not be available in all states.