The February Advocate is now available online, featuring articles on the board of trustees election, SURS investment team, the Self-Managed Plan, legislation passed during veto session, Money Purchase Factor changes, and our 2014 Employee of the Year.
All Plan Types
Champaign, IL – The State Universities Retirement System (SURS) will hold an election on May 1, 2015, to fill the expiring terms of trustee positions. In accordance with SURS Administrative Rule, 80 Ill. Adm. Code §1600.700 to 1600.710, the following candidates successfully completed the application and petition process.
Contributing Member Trustee Candidates:
Mr. Aaron Ammons, University of Illinois at Urbana-Champaign
Mr. Antonio Vasquez, City Colleges of Chicago
The Effective Rates of Interest pertaining to the State Universities Retirement System (SURS) have been released.
The Illinois Office of Comptroller (IOC) has set the Fiscal Year 2016 rate of interest at 7.00 percent. Public Act 94-4 requires the IOC to annually set the effective rate of interest used in calculating accumulated normal contributions for use in the Money Purchase Formula.
Affected SURS members will soon receive a letter and form explaining their rights and opt-out option in the “percent of annuity” insurance premium settlement (i.e., Kanerva v. Weems).
SURS has posted its 2014 Comprehensive Annual Financial Report. The 104-page report outlines the System’s financial statements, investment results, funding analyses, and benefit payments.