Effective Sept. 1, 2020, the Self-Managed Plan with the State Universities Retirement System (SURS) is being redesigned and will be called the SURS Retirement Savings Plan (RSP). If you are currently enrolled in this plan, SURS has been emailing and mailing you information about this transition throughout the summer months. All of this information and helpful transition resources can be found on the SURS website.
Retirement Savings Plan Enhancements
- New default investment option – SURS Life Income Strategy (LIS)
- New simplified best-in-class fund lineup
- New planning and educational tools
- New recordkeeper – Voya Financial
Key Dates for the Transition
- Until 2:59 p.m. CT on Aug. 14, 2020
- You can continue to access your SMP plan account through Fidelity. You will have access to historical information for two years.
- At 3 p.m. CT on Aug. 14, 2020
- Blackout period begins. Your account access will be restricted as your plan account begins to transition to Voya Financial.
- From Aug. 14-20, 2020
- Your transactional capabilities to your account will be suspended; however, your account balance will remain in your current investments.
- From Aug. 21-31, 2020
- Your account balance will be out of the market until assets are received at Voya Financial. Your account will be reinvested in the SURS Lifetime Income Strategy at Voya Financial as soon as administratively possible prior to Sept. 1, 2020. The only exception to this is that some assets in the Plan are restricted and will not be automatically moved to Voya Financial. Please review the Transition Guide for more information.
- Sept. 1, 2020
- The SURS Retirement Savings Plan goes live!
- You can choose to have your investments remain in the SURS Lifetime Income Strategy or you can choose your own investments from the new core investment fund lineup.
- You can resume full access and make changes to your SURS Retirement Savings Plan account through the SURS Member Website or by calling the SURS Defined Contribution Contact Center at (800) 613-9543 and TDD (800) 579-5708.
- Oct. 1, 2020
- Members who are at least 50 years of age and vested, and have selected or defaulted to the Lifetime Income Strategy will begin securing lifetime income. A member will start securing income approximately 15 years prior to their target retirement age. Younger members who select a target retirement age of less than 65 will also begin securing income on Oct. 1.
Action Items for Employees Enrolled in the SURS Self-Managed Plan
- Review the plan transition information on the SURS website.
- If you have questions or need assistance with the transition, call the SURS Defined Contribution Contact Center at (800) 613-9543 and TDD (800) 579-5708. You can also schedule a phone or virtual appointment with Voya Financial.
- Watch for a mailer from Voya Financial the week of Aug. 26, 2020 that will contain your Personal Identification Number (PIN) for use after the transition.
- After the Sept. 1, 2020 transition, log into the SURS Member Website and review your SURS Retirement Savings Plan account. You can customize your SURS Lifetime Income Strategy (LIS) default settings or choose to change your investments to the core lineup.
Please direct any questions regarding the Self-Managed Plan transition to the SURS Defined Contribution Contact Center at (800) 613-9543 and TDD (800) 579-5708 from 7 a.m. to 7 p.m., Central Time (CT), excluding stock market holidays.
Thank you for your service to the NIU community.