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STATE UNIVERSITIES RETIREMENT SYSTEM

Executive Director: William E. Mabe

Chairperson:  Lindsay Anderson

Self-Managed Plan FAQ

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How do I change Providers for the SMP plan?
What fees does SURS charge for being the SMP service agent?
How do I move balances within my SURS account?
What is the usual processing time frame for my money to be sent from my employer to TIAA-CREF or Fidelity?
Is the employer match retroactive?
Why is the fund selection limited?
What are the ticker symbols for the SMP investment options?
When do I get a statement?
How can I get copies of investment returns and expense ratios?
How do I access my online SURS account?
Could you explain the information in the SMP Performance section of the website?


How do I change Providers for the SMP plan?
First, you must decide if you are moving money from the existing account, changing future allocations, or both.

Monies from an existing account in the SMP are moved to another Provider by completing either a Fidelity to TIAA-CREF or TIAA-CREF to Fidelity Transfer Form, which is only available from SURS. The form is completed with the desired changes and forwarded to the FROM Provider (the Provider you are transferring money from).

Future Provider allocations (the percentage of money sent to each Provider) can be changed either on the Member Website or by calling and speaking to a SURS Benefits Counselor.

In the event you wish to do both, call SURS to change the future allocation and request a Provider-to-Provider Transfer Form.

What fees does SURS charge for being the SMP service agent?
SURS does not charge SMP participants fees for administering the Plan. SURS administrative expenses are paid by the State. The only fees paid by SMP participants are the expense charges for the investment options. The expense ratio of each investment option is listed on the quarterly performance sheet mailed with the SURS Annual SMP Unified Statement.

How do I move balances within my SURS account?
Transferring accumulated balances between Providers requires either a Fidelity to TIAA-CREF or TIAA-CREF to Fidelity Transfer Form. Changes to fund allocations AND accumulated balances within a Provider may be done by contacting that Provider. Changes to the percentage you allocate to each Provider can be made by calling 800-ASK-SURS (800-275-7877) or via the Member Website.

What is the usual processing time frame for my money to be sent from my employer to TIAA-CREF or Fidelity?

The payroll process requires your employer to provide SURS with:

  1. A payroll tape with detailed payroll information for each employee,
  2. A hardcopy printout of the payroll information, and
  3. Money to post to your account.

After SURS receives all three components of the payroll and they are in agreement, the payroll can be reconciled. SURS wires the money to member accounts in two working days.

Is the employer match retroactive?
No, the employer match is not retroactive. When the initial SMP balance transfer is sent, all prior employer match money is forfeited. The balance transfer consists only of employee contributions and interest. Employer matching funds begin the first full payroll following the receipt of your SMP plan election.

Why is the fund selection limited?
Funds were selected for the SMP using the philosophy that they should be appropriate for an individual's primary retirement account. This philosophy will tend to exclude funds that generate highly volatile returns (i.e., precious metal funds) or those that have very low rates of return (i.e., money market funds). The intent is to offer funds that have moderate rates of return and volatility levels.

What are the ticker symbols for the SMP investment options?
Ticker symbols for each mutual fund are given below. Note that TIAA-CREF´s variable annuity investment options do not have ticker symbols.

Refer to the Fund Overview page.

When do I get a statement?
Fidelity and TIAA-CREF statements are produced and mailed quarterly, unless you specifically request to be notified by email. The SURS SMP Unified Statement is prepared approximately 20 business days after the end of the quarter and, upon email notification, may be viewed and printed from the Member Website. You may also call 800-ASK-SURS (800-275-7877) for a print copy.

The Annual SURS Unified Statement will be mailed for the quarter ending Sept 30th.

If you want up-to-date account value, you should access your online account by contacting your Provider.

How can I get copies of investment returns and expense ratios?
Fund returns and expense ratios are provided in the Quarterly Performance mailed with the SURS Annual SMP Unified Statement. For more frequent information, returns are available by contacting your Provider.

How do I access my online SURS account?
Visit www.surs.org and click on Member Access. If you have misplaced your user name or password, re-register or call SURS at 800-275-7877.

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Could you explain the information in the SMP Performance section of the website?
Click here for information relating to benchmarks and their interpretation.

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