National Retirement Security Month is an ideal time to think about your future and set clear retirement goals.
One way to help you reach those goals is through the SURS Deferred Compensation Plan (DCP). This is a voluntary savings plan (a 457(b) plan) that lets you put aside extra money for retirement on top of your regular SURS retirement benefits.
The DCP is designed to help you close the gap between what your main SURS plan (Traditional, Portable, or RSP) will provide and what you’ll actually need each month in retirement. If you don’t need the extra monthly income, the DCP also gives you the option to grow a nest egg that you can take out in a lump sum later.
The plan is managed by SURS experts and offers cost-effective investment options designed to benefit you.
The DCP may be especially helpful for:
- Tier II members (those who started SURS-covered employment on or after Jan. 1, 2011).
- Community college employees and others who don’t have access to a 457(b) plan through their employer.
- Members with salaries that exceed pensionable earnings limits, since core benefits in the Traditional, Portable and RSP only count income up to certain limits.
- Members who rely mostly or only on SURS for retirement income.
Because SURS members don’t pay into Social Security, saving extra through the DCP is even more important.
The SURS DCP has been available since 2021. As of July 1, 2023, new members are automatically enrolled. Starting July 1, 2024, contributions for automatically enrolled members increase by 1% each year, up to 10% (this is called auto-escalation). These features help you build savings over time, but you can opt out or change your contributions at any time.
Now is a great time to enroll in the DCP if you haven’t already! Or, if you’re already enrolled, to review your account and consider increasing your contributions.
To learn more, enroll, or make changes, visit: surs.org/retirement-plans/dcp
October is also a great time to learn more about all the benefits SURS offers. We host regular webinars and online events for members in all plan types, including:
- Plan Choice Webinars
- Pre-Retirement Events
- Retirement Savings Plan Webinars
- Traditional and Portable Plan Webinars
…and more!
Events are available live or on-demand, so you can join when it works for you. Register for an upcoming webinar here:
surs.org/events/category/seminars-webinars