Voluntary Retirement Plans - 403(b) and 457(b)

What is a Voluntary Retirement Plan?

Tax-deferred annuities authorized by IRS Code, Section 403(b) and 457(b) are retirement savings programs that allows employees to set aside a portion of their pre-tax income. Our voluntary retirement plans are with ING/Voya and there are also some “grandfathered” accounts with TIAA-CREF. A tax-deferred annuity offers several advantages:

  • Savings through pre-tax payroll deductions.
  • Flexible retirement options that offer a lifetime income.
  • Opportunity to start or stop contributions to the annuity at any time during the year.

Maximum Contributions

Employees may defer $18,000 per year for the 403(b) and 457(b) plans. Employees who participate in both plans have a combined maximum of $36,000 per year. Employees age 50 and older are allowed a “catch-up” provision to contribute a maximum of $24,000 per year or $48,000 combined maximum for both plans.


Employees may establish a tax-deferred voluntary retirement savings account, by enrolling online at OK2Retire.com. If you prefer, you may also contact our ING/Voya representative Rebecca McGee at 405-568-2889 to enroll in person. Your voluntary contribution to the voluntary retirement plan will reduce your paycheck by the amount your designate. You may stop or change your participation amounts at any time, by logging into OK2retire.com. On your first visit to the site, you will be assigned a default personal identification number to access your new account online at OK2retire.com. Your PIN is the month and year of your birth (MMYY). Your default username will be your Social Security Number. After your first successful log-in, you will be prompted to change your username and PIN.

Roth Options

Both the 403(b) and 457(b) plans offer a Roth option. In a Roth plan, you make after-tax contributions during your career and use the money tax-free in retirement. The same rules apply as described for the 403(b) and 457(b) Voluntary Retirement Savings Plans. Your contributions to a regular plan and a Roth plan are cumulative and together must not exceed the annual contribution limits described above for the 403(b) and 457(b) plans.


Rebecca McGee 405-568-2889

Customer Service 1-800-584-6001

Online – OK2retire.com