FAQs

Voya Financial (NYSE: VOYA) is a premier retirement, investment and insurance company servicing the financial needs of millions of individual and institutional customers throughout the United States. Voya’s commitment to Higher Education is demonstrated by over 50 years of experience, serving over 1,450 Higher Education plans with an average client tenure of over 25 years. Voya Retirement Insurance and Annuity Company, a member of the Voya family of companies, is the Plan’s recordkeeper and will provide you with Plan information, saving and investing education, transaction processing and more on your journey to retirement.

All full-time Marymount University employees, excluding non-resident aliens and student employees, are eligible to immediately participate in the Plan.

A major benefit of the 403(b) Plan is its flexibility. 403(b) Plan benefits are portable – you may take them with you if you change employers and still enjoy tax favorable benefits until you retire. The 403(b) Plan also offers you the flexibility of controlling the investment of your own retirement account, thereby tailoring the program to your specific needs. 

Newly eligible employees will receive a notice from Voya confirming Plan eligibility. If you receive a notice from Voya, there is a 30-day period from the notice date to:

  1. enroll in the Plan and select a contribution rate and desired investment elections
  2. default to a pre-tax contribution of 2% that will automatically be deducted from your pay on an ongoing basis and invested in the appropriate target date mutual fund based on your date of birth
  3. decline enrollment

Please refer to the Plan Overview for additional information on enrollment.

Every year, the IRS announces the latest contribution limits for retirement savings accounts. Please refer to www.voya.com/IRSlimits for current limitations.

No. Your contributions to the 403(b) Plan have no effect on the calculation of salary for purposes of computing other benefits such as Social Security.

Increasing, decreasing or pausing your before-tax and/or Roth contributions will now be made directly with Voya either online through this participant website or by phone at (800) 584-6001. By conducting transactions through Voya, you will have access to numerous tools and services that can support your financial strategy.

No. There are no transaction fees, regardless of whether you make changes online, through the automated voice response unit or by speaking with Customer Service. Transactions may be subject to Voya’s Excessive Trading Policy.

Transactions received in good order by the close of business on any day the New York Stock Exchange (NYSE) is open (generally until 4:00 p.m. Eastern Time, Monday through Friday), 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 on a NYSE 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 conduct them online, through the automated voice response system or talk with Customer Service.

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 (2) days of the date the transaction is made. You will receive this confirmation if you make financial transactions online, through the automated voice response system or by talking with Customer Service.

You can access performance information:

  • through this website,
  • with your quarterly participant statements,
  • by calling our toll-free line at (800) 584-6001

Yes. Please refer to the Plan Overview for information pertaining to loans.

Yes. The Plan permits you to roll over benefits from another employer-sponsored eligible retirement plan or traditional IRA. Note that amounts rolled into a government 457(b) plan from another plan type (including a traditional IRA) would be subject to the 10% premature distribution penalty tax if distributed prior to age 59½ (unless an IRS exception applies).

When will I receive my account statements?

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 amounts.  You can also leave your assets in the account and continue to receive tax deferred investment experience until you elect to receive them.

Yes. You can maintain your account at Voya after retirement and continue to use the participant website, mobile app and customer service to conduct transactional capabilities. In addition, you can continue to use the available online tools and resources to assist with your long-term financial planning.