Plan Overview

Below are some of the important features about the plan. This website is intended to be a summary of the plan provisions.  In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, view the Frequently Asked Questions or contact us. Please refer to the disclosure materials in your Enrollment Kit (in the “Enrollment” section of this website) and/or the “Performance Report”( in the “Investment Performance” section of this website) for specifics regarding charges, expenses, fees, transfer restrictions, etc.


Contributions under the Plan are made by participants through a reduction in salary. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here


  • Loans are available from your pre-tax 403(b) variable annuity account values. (Loans are not available from Roth 403(b) account values). Keep in mind that loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit. Other restrictions may apply. See your contract prospectus and the Opportunity Plus Loan Agreement for further details on the following provisions:
  • Effective interest rate charged to a participant is net 0.00% (6% interest rate charged for life of the loan; participant earns 6%).
  • One loan allowed every 12 months
  • Loan payments are made monthly via ACH debit. For non-residential loans: The minimum loan amount is $1,000 with a minimum account balance of $2,000.The repayment period is from one (1) to five (5) years. 
  • For Residential loans: The minimum loan amount is $2,500 with a minimum account balance of $5,000. The repayment period is from one (1) to twenty (20) years.

The above loan provisions are subject to change due to changes in the federal laws that govern such provisions.


  • There are several payout options available to you at retirement. With these options, the emphasis is on flexibility. Keep in mind, you must receive at least a minimum distribution by April 1 of the year following the year in which you reach age 72 or retire, whichever is later, or a 50% penalty may be imposed. All guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.
  • Life income - payments will be made for as long as you live. If you choose, you can specify a minimum number of months (60, 120, 180, or 240) and if you die before the end of that period, payments will be made to your beneficiary for the remainder of the time.
  • Life income for two payees - payments will be made for as long as you and another person you select live. At the death of either, payments will continue to the survivor.
  • Payments for a stated period of time - payments will be made for the number of years chosen, but no less than 3 and no more than 30.
  • Lump Sum Option - payment will be made in a single lump sum.
  • Periodic Withdrawal - allows you to elect to receive a specified amount of the account's cash value as a periodic distribution.

Systematic Withdrawal Option (SWO) - you receive a series of partial withdrawals based on the payment method you select, while keeping the rest of your account value invested.

Estate Conservation Option (ECO) - according to the Tax Code, you must generally begin taking money from your account by age 72 or retirement, whichever is later. With ECO, you will automatically receive the minimum amount that the Tax Code requires, while keeping the rest of your account value invested.


  • Opportunity Plus, like all tax-deferred annuity programs, is intended to be a long-term investment vehicle. Any contributions made to the plan after December 31, 1988, and any earnings on your total account value accrued after that date, may only be withdrawn under the following circumstances:
  • Attainment of age 59½;
  • Severance from employment;
  • Your death or disability; or
  • Financial hardship (hardship withdrawals may be made from salary reduction contributions only, not from earnings on those contributions).

Please Note: Participants who had assets in a TDA before January 1, 1989 can take withdrawals from their plan's cash value (as of December 31, 1988) without meeting the above restrictions. However, the restrictions will apply to salary reduction contributions or any cash value increases made after December 31, 1988.

Withdrawals before age 59½ will be subject to an IRS 10% premature distribution penalty tax, (unless an exception applies) as well as being taxable as ordinary income. The 10% penalty does not apply when distributions are made at separation from service after age 55; are rolled-over to an IRA or other eligible retirement plan (another 403(b) program, a qualified 401 plan, a governmental 457 plan, and a traditional IRA); are due to death or disability; or are taken in substantially equal payments as determined under IRS regulations.


Rollover contributions from other 403(b) programs, qualified 401 plans, governmental 457 plans, and traditional IRAs are accepted into Opportunity Plus. Please see your representative for more information.

Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation.

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Variable annuities are intended as long-term investments designed for retirement purposes. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. 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.
For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to '88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 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.

Opportunity Plus is a tax-deferred variable annuity issued by Voya Retirement Insurance and Annuity Company (VRIAC).

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. Product and services may not be available in all states.