The CIRS 401(k) Savings Plan is designed to help you supplement your retirement income by allowing you to contribute a percentage of your paycheck on a before-tax or after-tax basis, for as long as you remain an Eligible Employee.
Basic facts about the CIRS 401(k) Savings Plan
You will become a Member in the CIRS 401(k) Savings Plan on the first day of the month coincident with or next following the latter of the completion of 3 months of Employment Service with a CIRS Participating Employer or the attainment of age 21.
You can update your beneficiary designations electronically or using a paper form:
- Electronically: Sign in to your Voya account and update the information online
- Paper: Print and complete the CIRS 401(k) Savings Plan Beneficiary Form and mail it to Voya
Your updated beneficiary for the CIRS 401(k) Savings Plan will become your beneficiary to the CIRS Group Life Plan and supersedes any prior election made to either plan. If you wish to elect a different beneficiary for the CIRS Group Life Plan, you will need to complete a separate form, which can be found here.
To name a beneﬁciary for the CIRS Pension Plan, you will need to complete a separate form, which can be found here.
- You can contribute up to 50% of your Base Salary on a pre-tax basis or 22% on an after-tax basis
- Your contribution can be made on either a before-tax or after-tax basis or a combination of both; however, the combined total cannot exceed 50% of your Base Salary
- Contributions are automatically deducted from your paycheck
- Rollovers from prior qualified plans are allowed
Pre-tax Contributions are capped based on the IRS limit for each calendar year. However, if you are currently over age 50, or will attain age 50 by December 31st, then you can make additional catch-up contributions.
The following table contains the pre-tax IRS limits for the last four years:
As of January 1, 2017, the mandatory 2% minimum contribution has been eliminated.
- All new Members will be defaulted to 0%.
- There will be no automatic changes to existing Members. If you wish to change your contribution percentage, you must contact Voya.
If you want to change your contribution percentage, you must contact Voya via their website (cirs.voya.com) or by phone (866-719-2477). Once you make a change with Voya, there may be a delay of a few payroll periods before your employer implements the change.
CIRS offers several State Street Target Retirement funds. These are well-diversified, professionally managed, automatic investment fund options designed to prepare its investors for retirement in a specified year in the future. Each fund has a date in its name-the fund’s target date-that is the appropriate retirement year when withdrawals are expected to begin. Click here for more information
Target Date Funds
- State Street Target Retirement 2020 Fund
- State Street Target Retirement 2025 Fund
- State Street Target Retirement 2030 Fund
- State Street Target Retirement 2035 Fund
- State Street Target Retirement 2040 Fund
- State Street Target Retirement 2045 Fund
- State Street Target Retirement 2050 Fund
- State Street Target Retirement 2055 Fund
- State Street Target Retirement 2060 Fund
- State Street Target Retirement Fund
In addition to the Target Date Funds, you also have the option to invest in the following Core Funds:
- Stable Value Fund
- Bond Market Index
- S&P 500 Index
- S&P 400 Index
- Russell 2000 Index
- International EAFE Index
- Emerging Markets Index
You can change your investment elections at anytime by logging onto your account at cirs.voya.com or calling the CIRS Service Center at 1-866-719-2477 from 8AM – 8PM Monday – Friday (EST).
In addition, you also have the option of opening a Self-Directed Brokerage Account (SDBA) with TD Ameritrade. You can invest in thousands of mutual funds and hundreds of Exchange Traded Funds (ETFs). There is a $35 annual account maintenance fee (plus applicable transaction fees) for this service.
Take advantage of the FREE resources available to help you make investment decisions
Call Voya to get investment advice:
- What do these investment options mean?
- How should you be invested?
- Should you increase your contribution?
- Are you on target to meet your retirement goals?
Or, you can sign in to your account at Voya and use their online modeling tool – myOrangeMoney
- Voya Advisor Service can manage your account balance
- The fee is capped at $0.50 per $1,000 (and decreases for balances above $50,000)
Distributions are not allowed from the CIRS 401(k) Savings Plan if you are still working for any CIRS Participating Employer. However, if you rolled money over into the Plan, then you are allowed to take a distribution from this amount at any time.
If you are no longer working for a CIRS Participating Employer and your account balance is $1,000 or less, Voya will automatically process your payment as a lump sum less federal withholding taxes. You may elect to roll over your account balance to an Individual Retirement Account (“IRA”) or to your new employer’s qualiﬁed plan.
If your account balance is greater than $1,000 and less than or equal to $5,000, you can:
- leave the money in the Plan; or
- request payment in a lump sum; or
- rollover the balance into an IRA or another employer’s qualified plan.
If your account balance is greater than $5,000, you can:
- leave the money in the Plan; or
- request a lump sum payment; or
- request the purchase of an annuity; or
- request installment payments — paid monthly, quarterly, semiannually or annually; or
- roll over the money into an IRA or another employer’s qualified plan.
You have 24/7 access to your account online by logging in to cirs.voya.com. Alternatively, if you would like to speak with a Voya Representative you can call 1-866-719-2477 from 8AM – 8PM (EST) Monday through Friday.
Either option will allow you to:
- Access your account information
- Change your contribution percentage
- Review your investment allocations
- Model your retirement income
- Check your CIRS 401(k) Savings Plan beneficiary