An annuity does not provide any additional tax deferral benefit, as 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 provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you. However, employer contributions made to an annuity contract issued after December 31, 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. Contact Us. Alternate Benefit Program Overview.
Asset building - A great way to invest for future needs and supplement your retirement income. Tax-deferred investing — under the Internal Revenue Code, with this program your contributions and any earnings on those contributions are taxed only when you begin to take distributions, at which time you may be in a lower tax bracket.
Various investment options - You have the opportunity to select from the investment options that are available to you, through the plan, where your contributions are allocated. Periodic payments for the future - Under the annuity provisions, you choose the payout option that best fits your future needs. Portability of your account to other eligible retirement plans. A lump-sum or partial withdrawal may be subject to federal withholding and possible tax penalties A systematic payout option specifying a percentage, dollar amount, or a time period.
Payments guaranteed for your lifetime or for as long as you and your beneficiary are alive guarantees based on the claims-paying ability of Voya Retirement Insurance and Annuity Company. 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 Securities may also be distributed through other broker-dealers with which Voya has selling agreements.
Insurance obligations are the responsibility of each individual company. Product and services may not be available in all states. ABP Designation of Beneficiary. Long-Term Disability Application. Long Term Disability Policy. Prudential Educational Library - financial ideas and insights for life. Voya Retirement Seminar Library - financial education webinars.
Empower Retirement - Educational Resources. Voya Cares — Special Needs Planning. We could all use a little help planning for the future — and when you have special needs to consider, knowing where to start and what resources are available can be one of the biggest challenges. Visit Voya Cares to learn more.
Voya Cares Video. Once enrolled, go to Empower Retirement to register your account. ABP enrollees not designating an investment provider for their program contributions within 45 days of program participation are enrolled with the investment provider designated by the NJDPB as the default investment provider at the time of enrollment.
The default investment provider is authorized to accept employer and employee mandatory contributions and will invest the funds in a money market fund. Contributions will continue to be sent to the default investment provider and invested in that money market fund until the ABP member designates an investment provider, completes an application with that investment provider, and notifies the employer of this action. If the member is subject to delayed vesting, and is enrolled with the default investment provider, the member is allowed to choose an alternate investment provider during the first year and transfer the contributions deposited to that alternate investment provider.
The NJDPB has considered the concerns of members, human resource managers, and the investment providers for the ABP, and has developed procedures to periodically select an investment provider to serve as the default provider.
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