VOYA Financial
CARY CONTRIBUTION
Cary contributes 5% to a retirement account on behalf of the employee. All benefit eligible
employees, with the exception of sworn Law Enforcement Officers, can elect to have Cary's
5% contribution deposited into a
401k with Empower or a 401a with Voya. Cary's 5%
contribution for sworn LEOs must go into the 401k with Empower.
VOLUNTARY CONTRIBUTION
You can voluntarily contribute to the 401k with Prudential and/or the 457 with VOYA.
• 401(k) – An employee may choose to make voluntary pretax contributions by payroll
deduction in a dollar amount only not less than $10.00/paycheck. No percentages are
allowed. Maximum contributions are limited to certain Plan and
IRS limitations.
• 457 – An employee may choose to contribute a dollar amount or percentage.
To set up a voluntary contribution, complete the Empower 401k Enrollment Form and/or
the VOYA Enrollment Form. Both forms should be submitted to HR. To make changes to your
elections, contact Prudential or Voya directly.
REMINDER
Review your
beneficiary elections
once a year.
Page 42 CARY Benefits Handbook
Supplemental Retirement Accounts
QUESTIONS?
Prudential 401(k)
Lionel Gruslin
919-758-7370
1-866-627-5267
VOYA(a)/457
John (Bruce) Morrill
704-562-6086 or
Ronald (JR) Lindquist
704-905-5754
1-800-584-6001
Human Resources at
919-469-4070 or
TotalEmployeeHealth@
carync.gov
?
There's an
App for that!
VOYA: view current balance, make
contribution changes.
Prudential Retirement
OTHER IMPORTANT INFORMATION
You are
encouraged to meet with an Empower or Voya representative to discuss these
accounts and the benefits in more detail. You are also strongly encouraged to review their
beneficiary elections once a year. This will ensure that the benefits are paid to the
appropriate person.
NC 401(K); 401(A) AND TOWN OF CARY 457 PLAN COMPARISON AND DECISION CHART
FEATURE NC 401(K) 401(A) PLAN 457 PLAN
ADMINISTRATOR
Empower Retirement
Services 1-866-627-5267
VOYA Financial
1-800-584-6001
VOYA Financial
1-800-584-6001
CARY
CONTRIBUTIONS
(5% EMPLOYER)
Employee Option #1
5% of gross pay each pay period.
Employee Option #2 - 5% of gross
pay each pay period. LEO do not have
401(a) option due to NC State law.
Not applicable.
EMPLOYEE
VOLUNTARY
CONTRIBUTIONS
Voluntary contributions can be
pre-tax deduction, and/or post-tax
(Roth) deduction.
401(a) is for employer contributions
only and works alongside the
contributions made to the 457 Plan.
Can be pre-tax or
post-tax deduction.
LOANS
AVAILABLE
Yes Yes Yes
WITHDRAWING
FUNDS IF
TERMINATING
EMPLOYMENT
Early withdrawals subject to
penalties and plan restrictions.
Early withdrawals subject to penalties
and plan restrictions.
No tax penalty for early
withdrawal at any age.
VESTING OR
"OWNERSHIP"
All funds are immediately, 100% vested. All deposits and earnings from interest and investments belong
to the employee from day one.
