Indiana Alternate Pension Plan

The Indiana Alternate Pension Plan (APP) is a retirement plan offered to specific groups of employees in Indiana's public universities as an alternative to the Indiana Teacher's Retirement Fund (TRF) and the Indiana Public Employees' Retirement Fund (PERF).

Indiana APP was established to give employees control over the investments funding their primary retirement plan.  It also provides the portability to move their vested account balances without tax consequence to other similar retirement or Individual Retirement Account plans when they leave employment with the Indiana university system.

Before transferring assets, carefully consider the features of both the existing and the new product for differences in costs, surrender charges and other important aspects.  There may also be tax consequences associated with the transfer of assets. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult with your own advisors regarding your particular situation.

Our local offices work with many Indiana colleges and universities.

The Indiana APP offers you:

  • Choice in selecting your own investment portfolio from a broad menu of options.
  • Control in managing your retirement portfolio.
  • Tax-deferral for your contributions and any earnings.  Contributions and any earnings are tax-deferred  and will be taxed when withdrawn, and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59½, unless an IRS exception applies.
  • Portability that doesn't limit your career opportunities.

Fund management fees and other fund operating expenses will apply. Fees depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information.

In addition, a Mortality and Expense Risk Charge of 1.25% applies to all variable investment options.

Higher education employees are also able to save more for retirement in a voluntary plan:

403(b) Tax Deferred Annuity

• You decide, within certain Internal Revenue Code (IRC) limits, how much of your income you want to defer.
• Your employer will reduce your paycheck before withholding federal and, if applicable, state income tax by that amount and forward it to Voya on a regular basis.
• You decide how your contributions are invested, utilizing one or more investment options available in the plan.
• The contributions and any earnings that accumulate over the years are not taxed until you receive them. (Money distributed from the plan will be taxed as ordinary income in the year the money is distributed). That’s usually at retirement when you may be in a lower tax bracket.
• Your employer’s 403(b) deferred compensation plan has no effect on the benefits you will receive from Social Security. Your Social Security contributions and benefits (if applicable) will be based on your total pay, including the amounts paid into the deferred compensation plan.


Variable annuities offered through a retirement plan are long-term investments designed for retirement purposes. Early withdrawals taken prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax. Money distributed from the annuity will be taxed as ordinary income in the year the money is received. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. Tax deferral is provided by your employer’s plan and the annuity does not provide any additional tax deferral benefit. Annuities may be subject to additional fees and expenses to which other tax-qualified plan funding vehicles may not be subject. However, annuities provide features and benefits such as lifetime income payments and death benefits which may be valuable to you.

You should consider the investment objectives, risks, charges and expenses of the variable product and its underlying fund options carefully before investing. The contract and fund prospectuses contain this and other information. You may obtain a prospectus by contacting your Voya representative or the Company at the address listed below. Please read the prospectus carefully before investing.

Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company. Securities are distributed by Voya Financial Partners, Inc. (member SIPC), One Orange Way, Windsor, CT 06095-4774. These companies are wholly owned, indirect subsidiaries of Voya Financial, Inc. (NYSE: VOYA). Securities may also be distributed through other broker-dealers with which Voya Financial Partners, Inc. has selling agreements.