TRS outlines automatic enrollment, reporting duties for Supplemental Savings Plan

Melissa Keane, deferred compensation operations supervisor for the Teachers' Retirement System, on a TRS webinar explained how automatic enrollment into the TRS Supplemental Savings Plan (SSP) works and spelled out employer reporting duties and timing.

Keane said employees first employed in a TRS-covered position on or after Jan. 1, 2023 with a reported employment type of full time or part time contractual will be automatically enrolled at a default deferral of 3% of pretax compensation, invested in a target-date fund chosen by birth date, unless the employee opts out or changes elections prior to the contribution effective date. "The SSP is unique in that it was statutorily required to be created and maintained for the best interest of the participants," Keane said.

Why it matters: automatic enrollment creates immediate payroll and reporting tasks for school districts and other TRS employers. Keane emphasized that accurate information on the Defined Benefit report in the TRS employer portal (Gemini) — including correct employment type, Social Security number, date of birth and mailing address — determines SSP eligibility, PIN mailing and the timing of enrollment. "If we have incorrect information, that can impact the eligibility for SSP," she said.

Key facts and employer actions

• Eligibility and timing: TRS determines eligibility after the employer reports a new hire on the Defined Benefit report. Keane said TRS takes about three days to determine eligibility after the report posts; employees typically receive a PIN and enrollment packet about seven to 10 days later. The automatic enrollment effective date will be no less than 30 days from the…