YOUR ROAD TO A HEALTHY RETIREMENT
With the retirement security of our defined contribution plan members in mind, SURS has redesigned the Self-Managed Plan. We are excited to launch the new plan starting Sept. 1, 2020!
The revamped plan has several enhancements, including:
- A new name: SURS Retirement Savings Plan (RSP).
Whether your goal for retirement is to secure lifetime income or build your retirement nest egg; your needs are covered with this plan.
- A new default investment option: SURS Lifetime Income Strategy (LIS).
The SURS Lifetime Income Strategy is designed to help members meet basic income needs in retirement. It is a flexible, target date portfolio that automatically adjusts as you age. As you near retirement, you have the option to secure guaranteed retirement income that you cannot outlive. You can also maintain access to retiree health insurance (if you are eligible) without giving up access to your entire account balance.
- A new simplified best-in-class fund lineup.
SURS is committed to offering members access to more functional asset classes with high quality, cost-effective investment options with the best-in-class fund lineup.
- New planning and education tools.
Access to an interactive web experience to help improve your overall financial health and retirement readiness, including the new SURS Retirement Calculator.
- A new recordkeeper.
To lower fees, consolidate investments, improve communication, and enhance the overall retirement experience, SURS has moved the plan administration to one new recordkeeper, Voya Financial. One of the reasons Voya was chosen for this role is because they have the unique capability to record keep the SURS Lifetime Income Strategy.
You may have received information about the transition via email or US mail. More information will be sent in the coming weeks and SURS has planned educational webinars in July to help you prepare for the transition.
Links to helpful materials
Investment Options Guide
Lifetime Income Strategy (LIS) Brochure
Lifetime Income Strategy (LIS) Fact Sheet
Lifetime Income Strategy Video
SURS Investment Line-up
Retirement Savings Plan FAQs
Transition Informational Presentation
TIAA Fund Mapping Information
Defined Contribution Contact Center
Beginning June 29, if members have questions or need assistance, they may call 800-613-9543 or TDD: 800-579-5708 weekdays from 7 a.m. to 7 p.m., Central Time (CT), excluding stock market holidays, to speak to a defined contribution customer service associate.
To schedule an appointment with SURS Defined Contribution Account Representatives, go to sursrsp.timetap.com.
If you are within four years of retirement eligibility, you may schedule a pre-retirement counseling appointment with a SURS Retirement Counselor by logging in to your member webpage at surs.org.
Members Retiring Between June 1 and Aug. 31, 2020
SMP members who made plans to retire between June 1 and Aug. 31 and wish to utilize the new SURS Lifetime Income Strategy, should send a secure email through the Member Website or call our Call Center to discuss options at 800-275-7877. SURS will proactively contact members who have already submitted a retirement application.
|To complete the transition to the new recordkeeper, there will be a blackout period from Aug. 14 to Aug. 31, 2020. During this time, members will have limited access to their accounts and will not be able to make changes.|
ALSO COMING SOON: A NEW WAY TO SAVE
SURS is excited to announce that a new supplemental defined contribution plan will be available soon!
The new plan, called the SURS Deferred Compensation Plan (DCP), will provide members an avenue to save more and generate additional income in retirement. Not all SURS members can participate in the DCP. For example, the university and athletic foundation employers will not be able to participate. 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 Sept. 1, 2020, 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. Education information on the plan will be sent to members later this summer.