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 that they have 30 calendar days to opt out and prevent automatic deductions.
- The automatic deduction will be 3% pre-tax and is effective 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 DCP and receive a refund. This period begins the day the first DCP 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 DCP 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 1st, up to a maximum deferral of 10%. This annual increase will begin on the July 1st after the employee has been in the DCP 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 in to the automatic escalation feature by logging into their SURS Member website. See the SURS DCP FAQs for more information.
