As pension benefits in the State of Illinois have evolved over the last decade, the role of the State of Illinois Deferred Compensation Plan (“”the Plan””) in supporting beneficiaries’ retirement readiness will be of increased importance. The Illinois State Board of Investment (ISBI), fiduciary for the Plan, in partnership with other key stakeholders, including the Plan administrator, recordkeeper, and consultant implemented several enhancements in 2020 to help participants achieve their retirement readiness goals, including moving enrollment and salary deferral changes from a paper-based process to online, allowing participants to contribute to the Plan as a percentage of salary, beginning auto-enrollment for new employees, streamlining the capital preservation options in the investment line-up, and implementing white label names for the investment options. Successful on their own and in tandem, these initiatives increased plan participation to over 90% among auto-enrollees, simplified administrative processes, allowed for more robust reporting on Plan health metrics, and helped enhance the robust building blocks for asset allocations – together supporting participants in meeting their retirement savings and investment goals.
- Version
- 0.00 KB File Size
- July 28, 2021 Create Date
- August 31, 2023 Last Updated
