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.

As of September 27, 2016, a new agreement governing the CIRS Plans has been reached between management and the unions.  For more information, visit the News and Updates section.

Who's your beneficiary?

Do you need to add or change a beneficiary?

If you haven’t added a beneficiary or want to update your beneficiary information, now is the perfect time to do this!

Sign into your account at Voya and update this information on the website.  Or, you can find the form here and mail it in to Voya.

Note that any beneficiary elections you make for the CIRS 401(k) Savings Plan will also apply to the CIRS Group Life Plan and supersedes any prior election made to either plan.

A separate beneficiary form will need to be completed for the CIRS Pension Plan.  This form can be found here.

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:

If you are married or become married, your spouse is automatically your beneficiary.  If you would like to name someone other than your spouse as beneficiary, your spouse will need to sign a waiver.

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
  • Your contribution can be made on either a before-tax or after-tax basis or a combination of both
  • Contributions are automatically deducted from your paycheck
  • Rollovers from prior qualified plans are allowed

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 IRS limits for the last four years:

Contribution limits

Year401(k) LimitCatch-up
2017$18,000$6,000
2016$18,000$6,000
2015$18,000$6,000
2014$17,500$5,500

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.

You can choose from the following core investment funds:

Cash Equivalent 

  • Stable Value Fund (Default Election under the Plan)

Bond Fund

  • Bond Market Index

Stock Funds

  • 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 over 13,000 mutual funds and over 100 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

 

Professional Account Manager

  • 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

Still want to know more? Find answers to your common questions in our FAQ. If you have additional questions, you can contact CIRS via email at askcirs@cirsplans.org. or call (212) 674-0101.