FAQ's

Voya is a leading provider of retirement products and services in the U.S., serving thousands of employers and millions of individual retirement plan participants. Voya also has hundreds of financial professionals serving employers like the University of Texas System. Voya is focused on guiding Americans to greater retirement readiness and financial wellness through employer-sponsored savings plans and holistic retirement and income guidance.

You can work together with your local financial professional to access online planning tools to get organized, prioritize your goals and create a strategy to help you achieve them.

  • Estimate your total cost of retirement
  • Track your current progress toward your goals
  • Choose how much to save and how to invest
  • Identify potential tax-savings strategies
  • Optimize your Social Security and pension benefits
  • Create a withdrawal strategy to make your money last longer
  • Make sure those who depend on you still have income after you’re gone
  • Help you leave a legacy and pass on what you’ve built

You decide how much of your income per pay period you want to invest, subject to current contribution limits. This amount will be automatically deducted from your salary. Your employer will then remit the money to Voya to be invested into your UTSaver TSA or DCP account.

No. Your total gross pay, including amounts that are deferred, is used for the calculation of benefits for those programs.

Your named beneficiary(ies) will receive the total current cash value of your account or may select a settlement option. If your spouse is your beneficiary and wants to delay receipt of the income for tax purposes, they can do this up until the time you would have reached age 73. If your beneficiary requests a lump sum payment or an annuity payout option within six months of your death, the death benefit is guaranteed to be greater of: a) the account value minus any outstanding loan balances, or b) total contributions made to your account minus any loans, withdrawals or annuitizations. Guarantee based on the claims paying ability of Voya Retirement Insurance and Annuity Company.

Yes. If you currently contribute to the Texa$aver Program administered by the Employees Retirement System of Texas (ERS), you may continue to do so until the ERS transfers the plan assets of UT System employees from Texa$aver to the UTSaver DCP. As of the date of the transfer, your participation in Texa$aver will be discontinued, and you will be required to enroll in the UTSaver DCP no later than the institution’s payroll cutoff date in the month prior to the transfer unless you choose to cease participation.

No employee may begin participation in the Texa$aver Program on or after the date on which the UTSaver DCP begins.

Your account is portable and can be continued on a tax-deferred basis if your new employer sponsors a retirement plan that allows rollovers of such funds. You may also continue to manage your UTSaver TSA account tax-deferred until you elect to receive some or all of your account balance. You can choose to leave the balance in your UTSaver DCP account if your account value is greater than $1,000 (or a greater amount as adjusted by the UTSaver DCP Plan Administrator in accordance with the Internal Revenue Code).

In addition to the UTSaver voluntary retirement programs, our team of financial professionals can recommend ways to help you make necessary changes in your savings strategy or other retirement decisions to help offset a retirement income gap.

Where you invest your savings, including how much you put into each major investment category, has a significant impact on your long-term investment returns. We can help you allocate your investments according to your specific retirement goals and comfort level with risk.

You don't deposit a paycheck in retirement. Instead, you must create income from the savings you've accumulated. We can help you balance competing priorities and IRS requirements by building an income plan that considers factors such as market downturns, taxes, medical costs, extended family needs, and longevity. With a goal of lifetime income in mind, we will help to create a withdrawal strategy that works for you.

Investment adviser representative and/or registered representatives of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC). Investment advisory services are only offered through Investment adviser representatives of Voya Financial Advisors.

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options; or mutual funds offered through a retirement plan, carefully before investing. The prospectuses/prospectus summaries/information booklets contain this and other information, which can be obtained by contacting your local representative. Please read the information carefully before investing.

Mutual funds under a trust or custodial account agreement are intended to be long-term investments designed for retirement purposes. If withdrawals are taken prior to age 59 ½, an IRC 10% premature distribution penalty tax will apply, unless an IRS exception applies. 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. Money taken from the plan will be taxed as ordinary income in the year the money is distributed. An annuity does not provide any additional tax benefit, as tax deferral is provided by the Plan. Annuities may be subject to additional fees and expenses, to which other tax-deferred 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)(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).