Are you making the most of your retirement and investment plans? As an employee, you have the opportunity to participate in various plans that can help you secure a brighter financial future. In this article, we’ll walk you through the different options available to you and how you can make the most of them.
State Universities Retirement System (SURS)
If you’re employed by an Illinois public university, you’re automatically eligible to participate in the State Universities Retirement System (SURS). This system provides retirement, disability, and related benefits to eligible participants and annuitants.
Contributions to SURS are not optional – they are mandatory for all eligible employees. When you join SURS, you’ll have the opportunity to choose between three different plans:
- Retirement Savings Plan (RSP)
- Traditional Benefit Package
- Portable Benefit Package
Please note that once you select a plan, it’s irrevocable. So, make sure to carefully consider your options before making a decision. If you previously worked for the University or another SURS-covered employer, you’ll resume contributions to the plan you initially chose.
One important thing to note is that SURS participants are not eligible for federal Social Security coverage based on their employment with a SURS-covered employer. Social Security taxes are not withheld from your earnings. If you’ve had employment with other employers contributing to Social Security, your SURS pension may impact or reduce your Social Security benefits.
For more information on eligibility requirements, contributions, and your plan options, visit the SURS website.
University Supplemental 403(b) Plan
Another retirement plan option available to you as a University employee is the University Supplemental 403(b) Plan. With this plan, you have the flexibility to make traditional or Roth contributions. To participate in this plan, you need to receive compensation from the University and contribute a minimum of $200 annually.
Enrollment in the University Supplemental 403(b) Plan is voluntary and can be started or stopped at any time. Take advantage of this opportunity to save for your retirement. To learn more about the University 403(b) Plan, visit the investment website.
Deferred Compensation 457 Plans
For state employees, there are two voluntary options for making tax-deferred or Roth contributions: the State Deferred Compensation 457 Plan and the SURS Deferred Compensation 457 Plan.
The State Deferred Compensation 457 Plan allows you to contribute a minimum of $10 per pay period or 1% of your gross pay per pay period. Eligible state employees can take advantage of this plan to save for their retirement.
The SURS Deferred Compensation 457 Plan, on the other hand, is available to actively contributing SURS employees. Some employees are automatically enrolled in this plan. As with the State Deferred Compensation 457 Plan, the minimum contribution is $10 per pay period or 1% of your gross pay per pay period.
To enroll, make changes, or stop your participation in these plans, visit the appropriate links below:
Maximize Your Retirement and Investment Plans
In addition to the retirement plans mentioned above, there are also voluntary retirement incentive programs and various resources available to help you navigate the world of retirement planning. Consider attending seminars or webinars, seek counseling, and take advantage of the resources provided to ensure you’re making the most informed decisions.
Conclusion
Make sure you’re taking full advantage of the retirement and investment plans available to you. By participating in these plans, you’re taking active steps towards securing your financial future. For more information and to get started, visit the investment website.
Remember, your retirement is in your hands. Start planning today for a brighter tomorrow!
