Did you know that as a University of Illinois System employee, you’re eligible to participate in the State 457 Deferred Compensation Plan (Plan)? This optional investment Plan offers you the ability to invest pre-tax and/or Roth (after-tax) compensation into the Plan to help supplement your retirement planning. On June 15, 2020, the Plan will change from paper forms to online enrollment, making it easier for you to participate. Watch your postal mail for a letter sent from Central Management Services (CMS) on May 8th with additional information. No action is required.
What is changing?
- Central Management Services (CMS) will no longer accept paper forms after May 31, 2020.
- During the transition period June 1 – June 14, 2020, you will be unable to make changes to your salary deferral elections.
- Beginning June 15, 2020, you will make changes online through your T. Rowe Price account, or by phone with a T. Rowe Price representative at 888-457-5770.
- All salary deferral changes will be effective the first full pay period of the month following the date that the request was made, or as soon as administratively possible. Requests for future dated changes will no longer be an option.
- A revocation of salary deferral request will be effective as soon as administratively possible. Requests for future dated revocations will no longer be an option.
Questions?
Access your account online or call 888-457-5770 to speak with a T. Rowe Price representative.
Contact University Payroll & Benefits (UPB):
