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SURS 457 Deferred Compensation Plan (DCP) Auto-Enrollment

Public Act 102-0540 requires the auto-enrollment of newly certified members into the SURS DCP. Only newly certified members on or after 7/1/23 will be automatically enrolled. Default member contributions are 3% of compensation on a pre-tax basis. The new member will receive a notification letter from Voya Financial (administrator of DCP) informing them that they have 30 calendar days to opt-out of the SURS DCP. If the member does not opt-out, enrollment is effective on the first day of the calendar month following the 30th calendar day or as soon as administratively possible thereafter. If the member is enrolled, they have 90 calendar days to withdraw from the SURS DCP and receive a refund of their deferred contributions. After 90 calendar days, a member can discontinue participation and stop future contributions to the DCP. However, the contributions in the DCP cannot be refunded unless the member terminates employment or qualifies for a financial hardship withdrawal.