Voya Lifetime Income Protection
Your Accumulated Annual Guaranteed Lifetime Income Amount *
| Your | Is | This represents |
|---|---|---|
| Benefit Base | $50,000 | The amount used to calculate your guaranteed annual income received each year in retirement. Your benefit base is calculated every year on your birthday and is either the previous year's benefit base amount or your current value in this portfolio, whichever is greater. |
| Weighted Average Withdrawal Rate | 5% | The percentage of your benefit base that you will receive each year in retirement from this portfolio (also known as the payout rate). |
| Accumulated Annual Guaranteed Lifetime Income Amount | $2,500 | The annual income amount you can expect to receive each year in retirement. It is calculated by multiplying your benefit base by the withdrawal rate. |
Your Accumulated Annual Guaranteed Lifetime Income Amount assumes you choose single life coverage, your age at retirement is 65 and your vesting at retirement is 100%. This amount may be different than the actual income payout calculated based on coverage choice, actual age at retirement and vesting schedules.
View more information regarding your Voya Lifetime Income Protection Portfolio.
See How Your Savings Could Generate Annual Income in Retirement
The hypothetical illustration below shows how much you could be guaranteed to receive each year in retirement if you participate in the Voya Lifetime Income Protection program. Please be sure to read the important notes below, including the assumption that you'll take 5% of your balance each year as income (this is called the payout rate).
| if your account balance is this amount at age 65 | $25,000 | $50,000 | $100,000 | $200,000 | $300,000 | $400,000 | $500,000 |
|---|---|---|---|---|---|---|---|
| Your guaranteed annual income would be | $1,250 | $2,500 | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
Assumption: This example considers the guaranteed income available from the corresponding hypothetical benefit baseline at age 65. It also assumes the income stream begins at age 65 at a 5% income payout rate, no future contributions are made and no excess withdrawals are made from the account. These figures do not reflect any fees or charges that may be assessed. Money distributed from the Lifetime Income Protection program will be taxed as ordinary income in the year the money is distributed. Excess withdrawals will have a negative impact to your benefit baseline.
*Your election to start taking lifetime withdrawals under the Minimum Guaranteed Withdrawal Benefit (MGWB) feature of the Voya Lifetime Income Protection Fund available in your plan may be made when you are age 62 or older and eligible for a distribution under your plan. Lifetime withdrawals are exactly what they sound like- the guaranteed availability of a certain amount of money every year for the rest of your life. This annual amount is referred to as the Maximum Annual Withdrawal (MAW). MAW payments reduce your account balance as they are made, but even if those withdrawals eventually reduce your account balance is reduced to zero, payments of the MAW will continue for life, subject to adjustment for any excess withdrawals you may make as described below. Your guarantees of lifetime income are issued by several leading life insurers, each of which stands behind a portion of the MAW payment obligation. These guarantees are subject to the financial strength and claims paying ability of the issuing insurer. Each insurer is severally and not jointly responsible for the discharge of its obligations to you.
WARNING: Your lifetime income withdrawal benefit is subject to reduction or elimination if you take withdrawals that exceed the MAW in any withdrawal year (a withdrawal year is the one year period measured by each of your birthdays after you elect to begin withdrawals). Before requesting any transfers or payments from the Voya Lifetime Income Fund please call 800-584-6001 to be sure you understand how that transaction could affect your MGWB.
