|Jul-31-14||Study Measures Economic Impact of Pension Plans||
The National Institute on Retirement Security has released Pensionomics 2014: Measuring the Economic Impact of DB Pension Expenditures, a study showing benefits paid by state and local pension plans support a significant amount of economic activity in Illinois and the nation.
According to the study, retiree expenditures stemming from state and local pension plan benefits support 164,871 jobs in Illinois and account for $25.3 billion in total economic output.
|Jul-21-14||SURS to receive portion of Citigroup settlement||
The State Universities Retirement System (SURS) will receive approximately $3,124,000 from the Citigroup misconduct settlement announced earlier this week by the Illinois Attorney General.
On Monday, July 14, Attorney General Lisa Madigan announced Illinois would receive $84 million as its portion of the national $7 billion settlement with Citigroup, stemming from a federal investigation into risky subprime mortgages.
|Jul-11-14||Court Rules on Retiree Health Insurance||
On July 1, 2013, per P.A. 97-0695, SURS retirees began paying a percentage of their pension annuity for health insurance coverage. Those covered under Medicare paid one percent of their annuity and those not covered by Medicare paid two percent of their annuity.
Beginning July 1, 2014, according to the law, those costs doubled. Annuitants covered under Medicare now pay two percent of their annuity and those not covered under Medicare pay four percent.
|Jul-07-14||July Newsletter Now Available||
|May-23-14||SURS - A Trusted Source of Information and Services||
The past several years have been challenging ones for the State Universities Retirement System (SURS) and its members. Legislation, fluctuations in funding and changes to insurance have led to increased complexity of the System and workload for staff. Through it all, SURS has continued to be a trusted source of information and services to its 65 employers and more than 223,000 members.
|May-20-14||Judge Halts Implementation of PA 98-599||
On May 14, Circuit Court Judge John Belz granted a temporary restraining order and a preliminary injunction stopping implementation of Public Act 98-599, the pension reform law passed Dec. 5, 2013.
The judge ruled on a lawsuit filed by several groups representing state workers and retirees, requesting that P.A. 98-599 be halted until Illinois courts can decide its constitutionality.
|May-01-14||2015 Benefit Choice Enrollment Period Begins May 1||
The Fiscal Year 2015 Benefit Choice Period is May 1 – June 2, 2014, for all SURS members. This is the only time of the year, other than when you experience a “qualifying change in status,” that you may change your coverage.
If you would like to make changes to your benefit plan, you must complete the Benefit Choice Form (see below) and return it to SURS by June 2, 2014. Elections will be effective July 1, 2014. If you do not want to make changes to your insurance benefits, you do NOT need to compete the form.
|Apr-29-14||Special Advocate for SMP Members|
|Apr-18-14||Special Advocate for Tier II Members|
|Apr-14-14||Special Advocate for Tier I Members|