Distributed to employees enrolled in the Self-Managed Plan with SURS
This message is about your retirement pension plan. Our (HRS) records show that you are enrolled in the Self-Managed Plan (SMP) with the State Universities Retirement System (SURS) of Illinois. Recall that the self-managed plan (SMP) is a defined contribution plan that establishes an account into which your individual and the employer (State of Illinois) contributions are placed. You decide how your account balance will be invested, selecting from a variety of mutual funds and variable annuities.
Recently, SURS announced that it is redesigning and renaming the current Self-Managed Plan and that all employees currently enrolled in the Self-Managed Plan will transition to this new plan effective June 1, 2020. More information is available in the February 2020 SURS Advocate newsletter.
We want to highlight two significant changes as part of the plan redesign:
- The new plan will be managed by VOYA rather than Fidelity and TIAA, and will include a new fund lineup of core investments.
- An option called the SURS Lifetime Income Strategy (LIS) is being added. This option will allow members of the redesigned plan to meet the eligibility requirements for retiree health benefits by annuitizing only a portion of their account rather than their full account balance at the time of retirement (as is the case now).
We recognize that the information that has been provided by SURS regarding the plan changes is limited at this time. Please know that NIU HRS is committed to bringing you additional information when we receive it. We plan to bring a representative from VOYA to campus in April or early May to present on the details of these changes. We will share additional information about this seminar once it is finalized.
Questions regarding this announcement can be directed to Liz Guess at (815) 753-1347.