FROM: Jami Painter, Senior Associate Vice President and Chief Human Resources Officer, System HR
Beginning July 1, 2023, all SURS eligible new hires will be automatically enrolled into the SURS 457 Deferred Compensation Plan (DCP) which is a supplemental retirement plan that became available last year. These employees will have an opportunity to opt-out or withdraw and receive a refund of automatically deducted contributions during a limited period of time.
We are working closely with SURS to capture all the details of this auto-enrollment process and will share additional information when it is available. The information we have received from SURS to date is:
- Employees will 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 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.
Questions may be directed to University Payroll & Benefits: UPB Service Portal