We’re here to help! Enrolling in the plan is simple, but investing for your life goals requires you to be informed. To help guide you through the enrollment process, please contact a representative.
Before Enrolling in the plan, you should:
- Understand the plan features
- Review the Investment Options offered
- Understand the Investment Option Performance
Who is eligible to participate in the Plan?
All active employees, except students, are eligible for Plan membership for the purposes of making pre-tax savings and/or Roth contributions through payroll deduction upon their date of hire.
How do I know if I should make elective contributions to the Plan?
The Plan is not an ordinary savings account that allows withdrawals at any time. Therefore, before deciding whether to contribute to it, you should consider the following:
- Do I have adequate savings for emergencies?
- Do I have adequate savings for other financial objectives (e.g., buying a home, children’s college expenses)?
- Am I current with my bills and credit cards?
- Can I afford to reduce my take-home pay?
- Would I like to pay less current income tax?
- Do I want to contribute to this Plan as a way to work toward my retirement goals?
When do I become eligible to receive employer contributions?
Employees will become eligible for Plan membership for purposes of receiving employer contributions as of the first day of the month following the date they meet the following requirements:
- Minimum service—1 year of eligibility service*
- Minimum age—26 years
Under the Plan, the following employees are excluded from receiving employer contributions:
- Employees who are regularly scheduled to work less than 5 months in a calendar year or fewer than 17.5 hours per week, provided the employee has not completed 1 year of eligibility service;
- Employees who are regularly employed on less than a half-time basis (fewer than 910 hours per year), provided the employee has not completed 1 year of eligibility service; and
- Student employees
*A year of eligibility service is a 12-month period measured from your date of hire during which you are credited with at least 910 hours of service. If you were paid for fewer than 910 hours in that period, you will be credited with a year of eligibility service whenever you complete at least 910 hours in any Plan year following your date of hire. You will receive credit for years of eligibility service with another college or university if your employment with the other institution ended within 90 days prior to hire by Smith College.
How to Enroll
If you would like to make your own contributions to the Plan and are not yet required to make mandatory contributions, you should consider enrolling in the plan. There are two steps to complete:
Visit the Make an Appointment page of this website to schedule time with Mary Ellen Gordon*, your local Voya Financial® representative. Mary Ellen will provide you with the information you need to enroll in the plan.
- Work direct with Mary Ellen to complete the enrollment process. Mary Ellen will discuss your investment and retirement objectives, help you decide how much to contribute to the plan, select investment options, and designate a beneficiary for your plan benefits. You’ll need to complete the Retirement Plan Election Form, Salary Reduction Agreement.
- If you prefer, you can enroll yourself into the plan using Voya’s online enrollment system. Online enrollment is a quick and easy process. To get started, select the “Enroll Now” button on this page. Before enrolling online, be prepared to provide the name of each person you wish to designate as your beneficiary. You may submit up to 10 beneficiaries online. If you have more than 10 beneficiaries, we suggest that you contact Mary Ellen for additional assistance.
*Investment adviser representative and registered representative of, and securities and advisory services offered through, Voya Financial Advisors, Inc. (member SIPC).
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, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company ("VRIAC"), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services LLC ("VIPS"). VIPS does not engage in the sale or solicitation of securities. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners LLC (member SIPC) or third parties with which it has a selling agreement. Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All products and services may not be available in all states.