University of Tennessee 403(b) Plan Overview

Below are 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, please contact your local representative.


The contributions are made on a pre-tax basis. Contributions made from your wages "reduce" your salary by the amount of your contribution, and you are not taxed on those contributions or the earnings until the money is distributed. Contributions are invested according to your investment selection. Please note that distributions will be taxed as ordinary income when distributed and are subject to any applicable tax penalties.

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.

Contract Exchanges

The Plan permits you to move existing Plan assets with prior investment providers to Voya®.

Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you exchange assets.*


The Plan permits you to rollover amounts from a 401(a)/(k), 403(b) or governmental 457(b) plan or a traditional IRA.

Consider your personal financial situation; compare your options for differences in cost, benefits, charges and other important features, before you rollover assets.*

Please note: Any rollover amounts from a 401(a)/(k) plan; a 403(b); or a traditional IRA will remain subject to the 10% early withdrawal tax penalty when rolled into a governmental 457(b) plan.


Loans are not available in the Plan.

Permitted Distributions

403(b) plans are intended to be long-term investment vehicles. In general, contributions made to the Plan may only be withdrawn due to:

  • Attainment of age 59½ (withdrawals prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax);
  • Severance from employment;
  • Your death or disability;
  • Financial hardship.

Please Note:

A 403(b) plan may also include provisions allowing for additional access to funds in your account. Funds may be withdrawn by an alternate payee under a qualified domestic relations order once your account is divided in accordance with a court order.

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. 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).

Payment Options at Separation of Service

  • Distribution over your lifetime;
  • Distribution over your lifetime and the lifetime of your designated beneficiary;
  • Distribution over a set time period not extending beyond your life expectancy;
  • Distribution over a set time period not extending beyond the joint and last survivor life expectancy of both you and your designated beneficiary;
  • Lump sum or partial lump sum distribution in combination with one of the other options.

*Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.

You should consider the investment objectives, risks, and charges and expenses of mutual funds offered through a retirement plan carefully before investing. The fund prospectuses and information booklet containing this and other information can be obtained by contacting yourlocal 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.

Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency

Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the Voya® family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states.