NIU employees have access to a supplemental retirement 457(b) Defined Contribution Plan (DCP) through the State Universities Retirement System (SURS). Illinois Public Act 102-0540 requires that newly certified (on or after July 1, 2023) members of the SURS be automatically enrolled into the SURS DCP plan. Employees that were certified into SURS prior to July 1, 2023, will not be auto-enrolled into the plan but may voluntarily enroll.
Auto-enrollment Process for Newly Certified SURS Members on or after July 1, 2023
- NIU Human Resource Services certifies the new employee in the SURS system.
- The newly certified employee receives a notification letter from VOYA to their home address informing them they will be automatically enrolled in the SURS DCP plan, and they will have 30 calendar days from the date they are certified in SURS to opt out of the SURS DCP plan if they do not want to participate. The letter will also explain how to make changes to their election or investment options if they would like to participate in a way other that the default selection. Finally, the letter will include specific instructions for how to opt out of the SURS DCP plan on the SURS member website as well as a specific date for which the employee must opt out of the SURS DCP plan to not be automatically enrolled.
Employees that are non-website users can opt out or make changes to the default selection by calling the SURS defined Contribution Contact Center at (800) 613-9543 or (800) 579-5708 TTD. Customer service associates are available from 7 a.m. to 7 p.m.
- If the member does not opt out of the plan, a 3% pre-tax contribution will be payroll deducted on the first day of the calendar month following the 30 calendar day notification period outlined above. The default investment option is the SURS Lifetime Income Strategy (LIS).
If the member does opt out of the plan, no contribution will be payroll deducted.
- Once enrolled, employees can make changes (increase, decrease, or stop) to their election by logging into the SURS member website. The changes will be effective first of the month following the election.
If within the first 90 days of enrollment, the employee would like to stop participating in the plan, they are eligible for a Permissible refund of their deferred contributions. VOYA will process the refund directly to them and will issue the appropriate 1099r tax form the following January. Please note, these refunds will not be processed through the NIU payroll system. All refunds will be issued by VOYA.
After 90 days, a member can stop participating, however, they are not eligible for a refund of their contributions unless they terminate employment, reach age 59 1/2, or qualifies for a financial hardship withdraw.
For questions regarding the SURS Deferred Compensation Plan or the Auto-enrollment process, please call the SURS Defined Contribution contact center at (800) 613-9543 or (800) 579-5708 TTD. Customer service associates are available from 7 a.m. to 7 p.m.
Voluntary Enrollment Process for Non-Newly Certified Employees (prior to July 1, 2023)
Employees that were certified into SURS prior to July 1, 2023, will not be auto-enrolled into the plan but may voluntarily enroll. Information on the enrollment process can be found on the SURS website.
For questions or further assistance in enrolling in the SURS DCP, please call the SURS Defined Contribution contact center at (800) 613-9543 or (800) 579-5708 TTD. Customer service associates are available from 7 a.m. to 7 p.m.