Exhibit 8 Self-Managed Plan History

Transcription

1 April 1, 1998 Retirement choice election begins for all SURS employees and employees of select institutions. Each institution must elect to participate in the SMP prior to employees of that institution becoming eligible to choose one of the retirement options. Initial enrollment procedure allows members to select a retirement plan. If the member selects the SMP, another packet of information is mailed which allows the member to allocate funds to the three providers - Aetna, ICMA-RC, and TIAA-CREF. In addition to serving as an investment provider, ICMA-RC serves as the record keeper for the SMP. The service providers and their respective investment options are shown below. Aetna ICMA-RC TIAA-CREF Aetna Stable Value ICMA-RC Plus Fund CREF Money Market Acct. Aetna Bond Fund ICMA-RC U.S. Treasury Securities Fund TIAA Traditional Annuity Evergreen Foundation ICMA-RC Core Bond Index CREF Bond Market Acct. MFS Total Return PIMCO Total Return Fund CREF Stock Acct. Neuberger Berman Socially Responsible ICMA-RC Conservative Growth Fund CREF Equity Index Acct. Aetna Growth and Income Fund ICMA-RC Traditional Growth Fund CREF Growth Acct. Aetna Index Plus Fund ICMA-RC Long-Term Growth Fund CREF Global Equities Acct. MFS Mass. Investors ICMA-RC International Fund CREF Social Choice Acct. Aetna Growth Fund Vanguard Wellington Fund MFS Research Fund Fidelity Growth and Income Fund Aetna Small Company Fund Vanguard Index 500 Ariel Fund ICMA-RC Growth Stock Fund Neuberger Berman Genesis Trust Fidelity Contra Fund Aetna International Investment Company of America Janus Worldwide Mid/Small Cap Index American Century Ultra Investors Templeton Global Smaller Company Fund March 11, 1999 Approved adding the CREF Inflation-Linked Bond Account as an SMP investment option beginning July 1, March 9, 2000 Retained TIAA-CREF as Investment Provider for the Self-Managed Plan and exercised the first oneyear option on the contract. Retained ICMA-RC as Investment Provider and Service Agent for the Self- Managed Plan and exercised the first one-year option on the contract. Retained AETNA as Investment Provider for the Self-Managed Plan. Approved the Aetna Balanced Fund as an investment option (default fund for Aetna) for the Self-Managed Plan and approved the TIAA-CREF 60% CREF Stock/40% CREF Bond fund as an investment option (default fund for TIAA-CREF) effective July 1, Approved the termination of Evergreen Foundation Fund as an investment option for the Self- Managed Plan. The one-step enrollment process was implemented in May The one-step process requires SURS staff to record all SMP participants investment choices at the time they enroll.

2 Legislation signed by Gov. Ryan on July 6, 2000, provides new hires six months (vs. 60 days) to choose between SURS' three retirement options: Traditional, Portable, or Self-Managed Plan. In a related amendment, employees hired since April 1998 who previously had 60 days to choose, but failed to do so and thus defaulted into the Traditional Benefit Package, were given a new six-month window to an election. Employees who have already made an election will continue with that option since retirement option choices, once made, are irrevocable. June 8, 2000 Approved SURS assuming the service agent functions of the Self-Managed Plan. March 22, 2001 Retained TIAA-CREF as Investment Provider for the Self-Managed Plan with a new 3-year contract to be negotiated. Retained ICMA-RC as Investment Provider for the Self-Managed Plan with a new 3-year contract to be negotiated. Retained ING/AETNA as Investment Provider for the Self-Managed Plan with a new 3-year contract to be negotiated. July 1, 2001 SURS assumes the service agent role. March 28, 2002 Retained ING Aetna as an investment provider for the Self-Managed Plan. Retained ICMA-RC as an investment provider for the Self-Managed Plan. Retained TIAA-CREF as an investment provider for the Self-Managed Plan. Approved the termination of Aetna Growth & Income Fund as an investment option for the Self-Managed Plan. June 6, 2002 Approved the termination of the ING Small Company Fund as an investment option for the Self- Managed Plan with contributions to be redirected to the Neuberger Berman Genesis Trust. September 26, 2002 Replaced ICMA Retirement Corporation with Fidelity Investments as a Service Provider in the SMP. Target date for transition to occur is April 1, Initial Fidelity fund line-up is shown below. Fidelity Managed Income Portfolio Fidelity U.S. Bond Index Fund PIMCO Total Return Fund Fidelity Four-in-One Index Fund Fidelity Puritan Fund Spartan U.S. Equity Index Fund Spartan Total Market Index Fund Fidelity Growth & Income Portfolio Fidelity Magellan Fund Spartan Extended Market Index Fund Fidelity Growth Company Fund Fidelity Low-Priced Stock Fund Spartan International Index Fund Fidelity Diversified International Fund March 20, 2003 Retained ING as an investment provider for the Self-Managed Plan. Retained TIAA-CREF as an investment provider for the Self-Managed Plan. Approved the following mapping schedule from ICMA to Fidelity on April 1, 2003.

3 Vantage Trust Plus Fund Fixed Rate Funds Fidelity Managed Income Portfolio Vantage Trust U.S. Gov t Securities Vantage Trust Core Bond Index Total Return Fund Institutional Shares Bond Funds Fidelity U.S. Bond Index Fund Fidelity U.S. Bond Index Fund PIMCO Total Return Fund (Administrative) Balanced Funds Vantage Trust Conservative Growth Portfolio Fidelity Puritan Fund Vantage Trust Traditional Growth Portfolio Fidelity Puritan Fund Vantage Trust Long-Term Growth Portfolio Fidelity Puritan Fund SURS Wellington Fidelity Puritan Fund U.S. Equity Funds VT Fidelity ContraFund VT Fidelity Growth & Income Fund Fidelity Growth & Income Fund America Fund Fidelity Growth & Income Fund VT American Century Ultra Fund Fidelity Growth Company Fund Vantage Trust Growth Fund Fidelity Growth Company Fund Vantage Trust Mid & Small Cap Index Spartan Extended Market Index Fund VT Calvert Social Investment Fund Spartan U.S. Equity Index Index 500 Fund Spartan U.S. Equity Index Vantage Trust International Fund Global Smaller Companies Fund International Equity Funds Fidelity Diversified International Fund Fidelity Diversified International Fund June 19, 2003 Authorized the termination of ING as a service provider pending the Governor s signing of HB3183. July 24, 2003 Governor Blagojevich signed legislation eliminating the restriction requiring at least two of the SMP Service Providers be insurance companies, thus allowing SURS to reduce the number of Providers. August 1, 2003 In an effort to reduce administrative costs, investment costs, and improve overall plan efficiencies, SURS terminated its relationship with ING as an SMP Service Provider. The termination is effective December 8, ING will not be replaced. The SMP will continue with two Service Providers (Fidelity and TIAA-CREF). September 18, 2003 Approved the retention of Fidelity as a service provider for the SMP. Approved the addition of Fidelity Worldwide Fund and Ariel Fund as options provided by Fidelity. Approved the following mapping schedule of ING to Fidelity to occur on December 10, 2003.

4 Fixed Rate Funds ING Stable Value ING Bond Fund Balanced Funds ING Balanced Fund MFS Total Return (A) U.S. Equity Funds ING Index Plus Fund MFS Mass. Investors (A) ING Growth Fund MFS Research Fund Ariel Fund Neuberger Berman Genesis Trust International Equity Funds ING International Growth Fund Janus Worldwide Fidelity Managed Income Portfolio Bond Funds Fidelity U.S. Bond Index Fidelity Puritan Fidelity Puritan Spartan U.S. Equity Index Fidelity Growth & Income Fidelity Growth Company Ariel Fund Fidelity Low-Priced Stock Fund Fidelity Diversified International Fidelity Worldwide December 10, 2003 Approximately $30.8 million and 3,926 member accounts transferred from ING to Fidelity. Updated investment options by provider are shown below. Fidelity Fidelity Managed Income Portfolio Fidelity U.S. Bond Index PIMCO Total Return (Administrative) Fidelity Four In One Index Fidelity Puritan Ariel Fund Fidelity Growth & Income Fidelity Growth Company Fidelity Low-Priced Stock Fund Fidelity Magellan Fund Spartan Extended Market Index Spartan Total Market Index Spartan U.S. Equity Index Fidelity Diversified International Spartan International Index Fidelity Worldwide TIAA-CREF TIAA Traditional Annuity CREF Money Market Account CREF Bond Market Account TIAA Inflation Linked Bond CREF Social Choice Account CREF Stock Account CREF Equity Index Account CREF Growth Account CREF Global Equities Account

5 May 6, 2004 Retained TIAA-CREF as a service provider for the Self-Managed Plan. Terminated the CREF Growth Account and added the TIAA-CREF Large-Cap Growth Index Fund. August 1, 2004 Fidelity Low-Priced Stock Fund closed to new investors. Fidelity s decision to close the fund to new contributions was based on the need to help its manager deal with the large cash position in the fund. September 23, 2004 Retained Fidelity Investments as a service provider for the Self-Managed Plan. Approved the removal of Fidelity Magellan Fund from the SMP with assets mapped to the. Approved the appointment of Principal Financial Group as an annuity provider for the SMP. Approved the inclusion of Fidelity s LifeCycle Funds as an investment option for the SMP; these funds became effective December 7, Fidelity Freedom 2000 Fund Fidelity Freedom 2005 Fund Fidelity Freedom 2010 Fund Fidelity Freedom 2015 Fund Fidelity Freedom 2020 Fund Fidelity Freedom 2025 Fund Fidelity Freedom 2030 Fund Fidelity Freedom 2035 Fund Fidelity Freedom 2040 Fund Fidelity Freedom Income Fund December 1, 2005 Principal Financial Group became an annuity provider for the SMP. July 5, 2006 Fidelity Freedom Fund series became the SMP default fund, replacing the Fidelity Puritan Fund and the TIAA-CREF default allocation of 60% CREF Stock Account and 40% CREF Bond Account. Fidelity Freedom 2045 and 2050 Funds were added as investment options for the SMP. July 8, 2006 TIAA-CREF implemented its new platform for SURS SMP. September 18, 2006 TIAA-CREF lifecycle funds became an investment option for the SMP. TIAA-CREF Lifecycle 2010 Fund TIAA-CREF Lifecycle 2015 Fund TIAA-CREF Lifecycle 2020 Fund TIAA-CREF Lifecycle 2025 Fund TIAA-CREF Lifecycle 2030 Fund TIAA-CREF Lifecycle 2035 Fund TIAA-CREF Lifecycle 2040 Fund October 1, 2006 The Fidelity per participant quarterly administrative fee was eliminated.

6 December 8, 2006 Approved three additional funds as investments for the SMP, effective February 1, 2007: o American Beacon Large Cap Value Plan Ahead Fund, o Buffalo Small Cap Fund, and o Fidelity Real Estate Investment Portfolio Fund. September 21, 2007 Approved as amended the revised SMP Investment Policy. October 25, 2007 Approved the termination of the Fidelity Growth and Income Portfolio as an investment option for the Self-Managed Plan with contributions to be redirected to the Hartford Capital Appreciation Y Fund, effective February 1, February 1, 2008 Assistant Deputy Director of SMP was hired. May 1, 2008 Funds remaining in the Fidelity Growth and Income Portfolio were reallocated to the Hartford Capital Appreciation Y Fund. June 13, 2008 Approved the retention of TIAA-CREF as an investment service provider and the transfer of current TIAA-CREF funds in SMP to new investment options, corresponding to the existing TIAA-CREF funds that grant mapping authority to SURS through the Retirement Choice Annuity product. Approved the expansion of the TIAA-CREF Lifecycle Fund series to include the 2045, 2050, and Retirement Income Funds as well as the addition of the TIAA Real Estate Account upon implementation of the Retirement Choice product. July 1, 2008 State contributions for the SMP Disability fund decreased from 1.0% to 0.5% of participant earnings. August 1, 2008 Retirement Choice Annuity, TIAA-CREF s mappable product, was adopted for future contributions and four additional funds were added: TIAA Real Estate Account, Lifecycle Funds 2045, 2050 and Retirement Income. September 12, 2008 Approved the revised SMP Investment Policy. December 16, 2008 Fidelity Low-Priced Stock Fund was reopened to investors.

7 February 10, 2010 Class K share funds were implemented with assets mapped as follows: Previous Fund Class K Share Fund Fidelity Freedom Income Fidelity Freedom K Income Fidelity Freedom 2000 Fidelity Freedom K 2000 Fidelity Freedom 2005 Fidelity Freedom K 2005 Fidelity Freedom 2010 Fidelity Freedom K 2010 Fidelity Freedom 2015 Fidelity Freedom K 2015 Fidelity Freedom 2020 Fidelity Freedom K 2020 Fidelity Freedom 2025 Fidelity Freedom K 2025 Fidelity Freedom 2030 Fidelity Freedom K 2030 Fidelity Freedom 2035 Fidelity Freedom K 2035 Fidelity Freedom 2040 Fidelity Freedom K 2040 Fidelity Freedom 2045 Fidelity Freedom K 2045 Fidelity Freedom 2050 Fidelity Freedom K 2050 PIMCO Total Return Administrative Class PIMCO Total Return Institutional Class American Beacon Large Cap Value Investor American Beacon Large Cap Value Institutional Class Class August 2010 The 2010 SMP Satisfaction Survey was conducted. A total of 1,219 participants responded and the results were posted on-line and in the Advocate. April 2011 Fidelity U.S. Bond Index Fund name changed to Spartan U.S. Bond Index Fund. August 5, 2011 TIAA-CREF Lifecycle Funds were transferred to the Premier share class as follows: Previous Fund TIAA-CREF Lifecycle 2010 Fund TIAA-CREF Lifecycle 2015 Fund TIAA-CREF Lifecycle 2020 Fund TIAA-CREF Lifecycle 2025 Fund TIAA-CREF Lifecycle 2030 Fund TIAA-CREF Lifecycle 2035 Fund TIAA-CREF Lifecycle 2040 Fund TIAA-CREF Lifecycle 2045 Fund TIAA-CREF Lifecycle 2050 Fund TIAA-CREF Lifecycle Retirement Income Fund New Share Class Fund TIAA-CREF Lifecycle 2010 Fund-Premier TIAA-CREF Lifecycle 2015 Fund-Premier TIAA-CREF Lifecycle 2020 Fund-Premier TIAA-CREF Lifecycle 2025 Fund-Premier TIAA-CREF Lifecycle 2030 Fund-Premier TIAA-CREF Lifecycle 2035 Fund-Premier TIAA-CREF Lifecycle 2040 Fund-Premier TIAA-CREF Lifecycle 2045 Fund-Premier TIAA-CREF Lifecycle 2050 Fund-Premier TIAA-CREF Lifecycle Retirement Income Fund- Premier

8 September 14, 2011 Fidelity funds were transferred to lower-cost share classes, as follows: Previous Fund Fidelity Growth Company Fund Fidelity Low Priced Stock Fund Fidelity Diversified International Fund Spartan U.S. Bond Index Fund Spartan 500 Index Fund New Share Class Fund Fidelity Growth Company Fund Class K Fidelity Low Priced Stock Fund Class K Fidelity Diversified International Fund Class K Spartan U.S. Bond Index Fund Institutional Class Spartan 500 Index Fund Institutional Class November 28, 2011 TIAA-CREF Lifecycle 2055 Fund-Premier was added to the TIAA-CREF Lifecycle Fund series and included in the SMP investment menu. February 2012 SMP assets surpassed $1 billion. June 20, 2012 Fidelity Freedom K 2055 Fund was added to the Fidelity Freedom Fund series and included in the SMP investment menu. June 20,2012 Fidelity funds were transferred to lower-cost share classes, as follows: Previous Fund Fidelity Puritan Fund Spartan Total Market Index Fund-Investor Class Spartan Extended Market Index Fund-Investor Class Spartan International Index Fund-Investor Class New Share Class Fund Fidelity Puritan Fund-Class K -Class K Spartan Total Market Index Fund-Institutional Class Spartan Extended Market Index Fund-Fidelity Advantage Class Spartan International Index Fund- Institutional Class