By: Tom Gray
Public Act 100-0769, enacted into law on August 10, 2018, requires the Teachers’ Retirement System to offer a supplemental savings defined contribution plan to all active TRS members. On January 1, 2021, TRS announced that it was close to introducing its first-ever defined contribution plan, which it referred to as the TRS Supplemental Savings Plan (“SSP”). The announcement can be found here.
The SSP will be implemented pursuant to the provisions of 457(b) of the Internal Revenue Code and will be optional to TRS members. Administration of the SSP will be the responsibility of TRS and Voya Financial of NYC. School Districts will be responsible for withholding member contributions and remitting them to TRS much like the traditional TRS retirement program.
On February 8, 2021, TRS sent out materials regarding the SSP to school district administrators throughout the State. In addition to the materials recently mailed to school districts, TRS has made the following documents available online:
- TRS Supplemental Savings Plan informational landing page;
- TRS 457(b) Deferred Compensation Supplemental Savings Plan; and
- Employer Bulletin: SSP Employer Participation Agreement Must Be Uploaded by March 31, 2021.
Our office is aware that those materials, and the SSP itself, have created many questions. Whitt Law has been in contact with System staff. TRS is aware there are many questions regarding implementation of the SSP and has assured us that all questions will be answered before the SSP is implemented at the local level.
Whitt Law will provide further information to its clients as TRS issues further guidance. Please contact Whitt Law Senior Attorney Brittany Flaherty Theis if you have any questions regarding the SSP or other TRS-related matters.
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