Beginning July 1, 2023, all SURS-eligible new hires were automatically enrolled into the SURS 457 Deferred Compensation Plan (DCP).
- Employees receive a notification letter from SURS informing them they have 30 calendar days to opt-out and prevent automatic deductions.
- The automatic deduction will be 3% pre-tax and will be effective on the first payroll following the first of the month or as soon as administratively possible.
- Employees who are auto-enrolled have 90 calendar days to withdraw from the plan and receive a refund. This period begins the day the first plan contribution is processed.
- Participants can increase, decrease, or stop contributions at any time.
- New employees will receive this flyer from Voya about the auto-enrollment.
Employees who were automatically enrolled into the plan and are still contributing at the default rate of 3% pre-tax will see an automatic increase in their deferral amount of 1% each July 1, up to a maximum deferral of 10%. This annual increase will begin on July 1 after the employee has been in the plan for at least 180 days. Employees may opt-out of automatic escalation at any time by logging into their SURS member website. See the SURS DCP FAQs for more information.
Employees who were not automatically enrolled may opt-into the automatic escalation feature by logging into their SURS Member website. See the SURS DCP FAQs for more information.
