Another Way to Save For Your Retirement
This New 457(b) Savings Plan Will Soon Be Available Through Participating SURS Employers
GOING THE EXTRA MILE
SURS is excited to announce a new supplemental defined contribution plan that will be available from participating SURS employers beginning March 1, 2021.
This new voluntary plan, called the SURS Deferred Compensation Plan (DCP), will provide members an avenue to save more and generate additional income in retirement. Most active SURS members employed by a state university, community college or other government entity will be able to participate.
The DCP will be made available on March 1, 2021, to eligible employers who must adopt the plan before members may begin participation. All eligible employers are required to adopt the SURS Deferred Compensation Plan before June 30, 2021. Voya Financial is the recordkeeper for SURS DCP.
The SURS DCP will be closely monitored by SURS professionals to ensure cost efficient investment options that are in the best interest of members. When members start their careers with a SURS-covered employer, they are required to participate in one of the qualified 401(a) retirement plans: the SURS Traditional Pension Plan, SURS Portable Pension Plan or SURS Retirement Savings Plan (formerly the Self-Managed Plan).
These plans provide valuable benefits for retirement readiness however, some members may need additional savings to supplement those benefits to maintain a comfortable lifestyle in retirement. Remember, SURS members do not contribute to Social Security and many members who are eligible for Social Security through other employment will have their Social Security reduced.
To make it convenient for our members to build additional savings, SURS created the SURS Deferred Compensation Plan (DCP) in accordance with Illinois Public Act 100-769.
The SURS DCP may be especially beneficial for:
- Tier II members (members first employed by a SURS-covered employer on or after Jan. 1, 2011) who have a retirement benefit program that is less substantial than members in Tier I (those employed before Jan. 1, 2011). The SURS DCP has been carefully designed to provide lifetime monthly income in retirement that can fill the gap and supplement the monthly income received from SURS.
- Community college employees who do not have a 457(b) plan available to them.
- SURS Traditional and Portable Plan members affected by the Tier II salary cap ($115,928 in FY 2021) and SURS RSP/Tier I members who have an IRS earnings limit ($285,000 in FY 2021).
Members will receive mail and email notifications when their employer has enrolled in the DCP along with additional information. Educational webinars and contact center help will also be available.
How to Enroll in the DCP and Manage Your Account
You will enroll in the DCP, manage your account information and make transactions 24/7 by going to surs.org and clicking the gold Member Website Login button, then SURS Deferred Compensation Plan (DCP).
Call the SURS Defined Contribution Contact Center at 800-613-9543, TDD: 800-579-5708 and follow the prompts to check account information or make transactions. If you have questions or need assistance, you can speak with a Customer Service Associate, weekdays from 7 a.m. to 7 p.m., Central time, excluding major holidays.
To schedule an appointment with SURS Defined Contribution Account Representatives, go to sursrsp.timetap.com.