403(b) 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, contact a financial professional.

The Chicago Public Schools 403(b) Plan

The Chicago Public Schools (CPS) sponsors the 403(b) Tax Deferred Annuity (TDA) for its employees. 

The 403(b) Plan gives you:

  • Choices and control over how your account balance is invested in any combination of investment options offered under your plan.
  • Portability of your account if the plan accepts rollovers.
  • A variety of payout options at retirement.
  • Loan availability. Loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.


  • One loan is allowed every 12 months
  • Minimum account balance of $2,000 required
  • Minimum loan amount is $1,000
  • The loan interest rate will be a fixed rate for the term of the loan and will be based off the Moody’s Monthly Average Corporates at the time of loan request. All loan repayments, principal and interest, will be deposited into your retirement account. 
  • $75 per loan initiation fee
  • $25 per loan annual administration fee
Note:  To initiate a loan from your Plan account, please call the Retirement Readiness Service Center at (800) 584-6001, from 7:00 a.m. - 8:00 p.m. CT, to speak with a Customer Service Associate.  


Your benefits will be distributed according to the payment method in effect at your death (consistent with the provisions of the plan, contract, and applicable minimum distribution rules) if you die while receiving benefits. If you die before a payout starts, your named beneficiary may:
  • Receive the total cash value of your account;
  • Select another available payout option; or
  • Defer payout until you would have reached age 72 if your beneficiary is also your spouse.


403(b) programs are intended to be long-term investment vehicles. IRS rules provide that contributions made to a 403(b) annuity contract after December 31, 1988, and any earnings on your total account value accrued after that date, may only be withdrawn under the following circumstances: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 (withdrawals prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax);
  • Severance from employment;
  • Your death or disability; or
  • Financial hardship (however, hardship withdrawals may be made from salary reduction contributions only, not from earnings on those contributions)

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.

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.