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    PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

    Voluntary After-Tax Contributions

    In addition to mandatory contributions, you may voluntarily contribute, on an after-tax basis, an additional percentage of your retirement-covered compensation to the PSERS DC Plan.  You may stop or change the percentage of your after-tax voluntary contributions at any time.

    Your employer will deduct and remit your after-tax voluntary contributions for deposit in your PSERS DC account. Your employer will determine the amount to remit each pay date by multiplying your elected after-tax percentage times your retirement-covered compensation less your mandatory contributions to PSERS.  No part of this amount will be remitted if, after all other payroll deductions required by law or elected by you have been taken, you do not have enough pay remaining on that pay date from which to remit the amount.  Any amount not contributed will not be made-up at a future pay date.   You cannot contribute after-tax voluntary contributions if that contribution, when added to your participant DC contributions and your employer's contributions for that year makes your total contributions exceed the IRS' limit.  You can view the IRS limit under the heading "415 Annual Limits" at voya.com/irslimits.  Your after-tax voluntary contributions will be invested in your PSERS DC account as you have directed.

    If you have more than one employer, each employer will make after-tax voluntary contributions based on the same after-tax deferral percentage.  If you terminate all public school employment, your deferral agreement for after-tax voluntary contributions will terminate.  If you again become eligible to participate in the PSERS DC Plan, you must again enter into a deferral agreement to make after-tax voluntary contributions.

    After-tax voluntary contributions are post-tax contributions, but enable you to grow assets through earnings that will be tax-deferred.  Please refer to the Special Tax Notice Regarding Plan Payments (available at the Voya website) for more information on the federal tax treatment of a distribution from the PSERS DC Plan that includes after-tax voluntary contributions.