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SURS 457 Plan Delay

HR Cougar Corner

It was previously communicated that SURS would soon offer a SURS 457(b) Deferred Compensation Plan to all active members to allow for an additional convenient way to save for retirement. Originally, the plan was to be offered beginning on November 1, 2020 before implementation was pushed back a month. Unfortunately, due to various setbacks including COVID, the delayed transition of the Retirement Savings Plan, and unexpected programming complexities, SURS will not be able to accept contributions to the DCP until March 1, 2021 at the earliest. HR will notify employees once SURS is able to start accepting contributions.

Although you are not currently able to contribute to the SURS 457 plan, as a reminder, you are eligible to participate in Highland’s 403(b) retirement plan. The 403(b) plan (often called a “tax-sheltered annuity” or TSA) is a voluntary plan that allows you to defer a portion of your paycheck to a retirement plan to help you bridge your retirement income gap and lower your taxes. Under federal tax law, you do not have to pay income taxes on your contributions or account earnings until you take the money out of the plan. You may contribute up to $19,500 for 2021 if you are under age 50 and $26,000 if you are age 50 or over. For additional information, contact Christie Lewis.

Highland Campus

2998 W. Pearl City Rd. Freeport, IL 61032

815.235.6121

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