With their members’ retirement security in mind, the State Universities Retirement System (SURS) set out to revamp their core defined contribution retirement plan. The goal of the redesign was to better meet the needs of SURS members and improve the plan offerings for both the accumulation and decumulation of members’ retirement assets. The changes include renaming the plan from Self-Managed Plan to the Retirement Savings Plan to better reflect the features of the enhanced plan, a recordkeeper consolidation to improve operations and lower fees, a new flexible default investment option that allows members to remain in the plan and does not require self-managing, a plan re-enrollment into the new default option to improve outcomes, an enhanced investment lineup that reduces fund overlap while providing access to more functional asset classes, and improved communications to enhance the overall member experience.

The new default investment option, the SURS Lifetime Income Strategy was designed to help members meet basic income needs in retirement. It is a flexible, target date fund portfolio with the option to secure retirement income that members cannot outlive. As an all-in-one diversified solution, it offers members a place to save and grow their money (even in retirement) and an opportunity to generate guaranteed retirement income for life (even in down markets).

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  • July 28, 2021 Create Date
  • August 31, 2023 Last Updated
State Universities Retirement System of Illinois - Redesigning the Core Defined Contribution Plan