DISCONTINUED PRODUCT - Product not available to new enrollees.
Voya Custom Choice Voluntary TDA
Product ID: 22
Type:
Variable Annuity
Discontinued 
$213
0.88%
11 Years / 5.00%
Yes
Roth Eligible
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Address: - Product Details
- Fees and Charges
- Investment Options
Voya Custom Choice Voluntary TDA is a tax-deferred variable annuity available to you through your school district's 403(b) plan. This variable annuity features additional deferred sales charge waivers for separation from service and hardship withdrawals as defined by the Internal Revenue Code. Also, there is no annual maintenance fee charge. With this annuity, you can build a portfolio from an extensive menu of variable investment options managed by some of the nation's leading portfolio managers. There are also separate fixed interest investment options available.
Select the topics below to expand and view additional product details
Different programs are available through your local representative including asset allocation information and software.
Dollar cost averaging is a system for investing a fixed amount of money at regular intervals over a period of time, in an effort to reduce market timing risk. It means investing smaller amounts of money in the market at regular intervals rather than large amounts all at once. Voya Custom Choice Voluntary TDA allows an automatic monthly transfer of a specified dollar amount from the money market fund to any or all variable investment options. You elect the transfer day, and the reallocation will continue for 12, 24, or 36 months, or as long as there is money in the money market fund.
The minimum loan amount is $1,000 and there are no loan set-up fees. Interest will be charged on loan amounts. The difference between the rate charged and the rate credited on the loan is currently 2.5%, although we reserve the right to apply a loan interest rate spread of up to 3%.
The Estate Conservation Option (ECO) allows you to maintain the account in the accumulation phase and provides periodic payments designed to meet the Tax Code's required minimum distributions. Under ECO, we calculate the minimum distribution amount required by law (generally at age 70 1/2 or retirement, if later) and pays you that amount once a year. To exercise this option, the account value must meet any minimum dollar amount and age criteria applicable. Because the account remains in the accumulation phase, all accumulation phase charges continue to apply.
Yes
During the Income Phase, payments continue for as long as either annuitant lives. When selecting this option, you choose for 100%, 66 2/3%, or 50% of the payment to continue to the surviving annuitant after the first death, or 100% of the payment to continue to the annuitant on the second annuitant's death and 50% of the payment to continue to the second annuitant on the annuitant's death.
You can also select this option with Guaranteed payments, i.e. payments for as long as either annuitant lives, with payments guaranteed for your choice of 5 to 30 years.
During the Income Phase, payments continue for as long as the annuitant lives. All payments end upon the annuitant's death.
During the Income Phase, payments continue for as long as the annuitant lives, with payments guaranteed for your choice of 5 to 30 years. If the annuitant dies before we have made all the guaranteed payments, we will continue to pay the beneficiary the remaining payments. Unless prohibited by a prior election of the contract holder, the beneficiary may elect to receive a lump-sum payment equal to the present value of the remaining guaranteed payments.
During the Income Phase, payments continue for as long as the annuitant lives. Following the annuitant's death, we will pay a lump-sum payment equal to the amount applied to the income phase payment option (less any premium tax) and less the total amount of fixed income phase payments paid.
If there are two annuitants, payments continue for as long as either annuitant lives and 100% of the payment continues after the first death. When both annuitants die, we will pay a lump-sum payment equal to the amount applied to the income phase payment option (less any premium tax) and less the total amount of fixed income phase payments paid.
If the Period Certain payments option is elected with variable payments, you may request at any time that all or a portion of the present value of the remaining payments be paid in one lump sum. A lump sum elected after income phase payments have been completed will be treated as a withdrawal during the accumulation phase and early withdrawal charges may apply. The withdrawal charge is based on completed purchase payment periods, and each year that passes after the income phase begins will be treated as a completed purchase payment period, even if no additional payments are made.
During the Income Phase, payments will continue for the number of years you choose, based on what is available under the contract. Under some contracts, for amounts held in the Fixed Plus Account during the accumulation phase, the payment must be on a fixed basis and must be for at least 5 years. In certain cases, a lump sum payment may be requested at any time (see Lump Sum above). If the annuitant dies before we make all of the guaranteed payments, we will continue to pay the beneficiary the remaining payments. Unless prohibited by a prior election of the contract holder, the beneficiary may elect to receive a lump-sum payment equal to the present value of the remaining guaranteed payments. We will not impose any early withdrawal charge.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
6.00% | Annually | Percent of Outstanding Loan Balance | No | No | Yes |
|
|
1.25% | Annually | Percentage of Annual Assets | No | No | Yes |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 5.00% |
| 2 | 5.00% |
| 3 | 5.00% |
| 4 | 5.00% |
| 5 | 5.00% |
| 6 | 4.00% |
| 7 | 4.00% |
| 8 | 3.00% |
| 9 | 3.00% |
| 10 | 2.00% |
| 11 | 0.00% |
*Expressed in contract years
Surrender Penalty Charge assessed on a "rolling" basis:
Withdrawal charges are based on completed purchase payment periods. On the 10th anniversary date the withdrawal charge becomes 0%. this does not apply to the Fixed investment options.
Exceptions to the Surrender Charge:
Other Restrictions:
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
Financial Hardship:
Yes
The withdrawal charge is waived when the withdrawal is: upon separation from service; due to a financial hardship as defined by the Internal Revenue Code; on or after the 10th individual account anniversary; under a systematic distribution option; fo
