|Jun-12-18||State Budget Includes Pension Code Changes that Affect SURS Members||
On June 4, a full-year state budget for FY 2019 was signed into law by Gov. Rauner. The actual budget bill (PA 100-586) appropriates $1,585,109,800 for SURS’ annual required state contribution. The certified FY 2019 state contribution to SURS is $1,655,154,000.
|May-04-18||SURS Members Elect New Trustees||
Steven Rock and Collin Van Meter have been elected to serve on the State Universities Retirement System (SURS) Board of Trustees by the System’s active members. John Engstrom was elected to serve as an annuitant trustee. Their six-year terms begin July 15.
|Apr-30-18||Benefit Choice Period for Health Insurance is May 1 -31, 2018||
The FY 2019 Benefit Choice Period to make health insurance changes is May 1 through May 31, 2018. This affects SURS active members as well as annuitants and survivors not enrolled in the Medicare Advantage 'TRAIL' Program. This is the only time of the year, other than when you experience a "qualifying change in status," that you may change your insurance coverage.
|Apr-30-18||TRAIL/SEGIP Enrollees - Special Dental Only Benefit Choice Period||
A special Dental Only Benefit Choice Enrollment Period will be available to SURS members enrolled in the State Employees Group Insurance Program (SEGIP) and the Medicare Advantage TRAIL Program. The enrollment period will be May 1 - May 31.
During this open enrollment, you may elect to opt-in or opt-out of dental coverage if you choose. This change affects your annual deductible costs, allowable expenses and out-of-pocket maximums. Elections made during this enrollment period will take effect July 1, 2018.
|Apr-30-18||New Money Purchase Factors Effective Date Set||
The SURS Board of Trustees recently set the effective date for changes to the Money Purchase factors as July 2, 2019. The changes to the factors are a result of a recent actuarial experience study* which recommended a reduction of the assumed rate of investment return and updated mortality tables to reflect an overall increased life expectancy. An actuarial experience study is required by state statute at least once every three years.
|Apr-02-18||Update on Optional Hybrid Plan||
SURS is currently not moving forward with the implementation of the optional hybrid plan created under PA 100-0023. Additional clarifying legislation is needed for SURS to be able to do so. SURS staff worked extensively last year with the General Assembly on a trailer bill that would have provided necessary clarifications; but that bill failed to pass. At this time, it appears unlikely that the General Assembly will pass legislation to implement the optional hybrid plan.
SURS will communicate any changes if they occur.
|Feb-16-18||SURS February Newsletter||
The February Advocate is now available online, featuring articles on the upcoming board election, 2018 educational webinars and seminars, investments, legislation, SURS employee of the year, new staff members and much more.
|Feb-09-18||SURS Announces Candidates for Upcoming Board Election||
Champaign, IL - The State Universities Retirement System (SURS) will hold an election on May 2, 2018, to fill the expiring terms of two active-member 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.
|Jan-30-18||SURS FY 2017 Annual Report||
SURS 102-page annual report outlining assets; liabilities; employer contributions; investment policies, objectives and performance highlights; manager fees; membership and benefit statistics and more is available online for members to review.
|Jan-25-18||SURS Announces New Deputy Chief Investment Officer||
Champaign, IL – The State Universities Retirement System (SURS) is pleased to announce the appointment of Ellen Hung, CFA, as deputy chief investment officer (deputy CIO), effective Jan. 30.