|Jan-15-15||SURS Retirement Seminars|
|Nov-21-14||Circuit Judge Finds Pension Reform Unconstitutional||
Circuit Judge Finds Pension Reform Unconstitutional
In a written decision dated November 21, 2014, Judge John Belz of the Sangamon County Circuit Court entered a final declaratory judgment that “Public Act 98-0599 is unconstitutional and void in its entirety.” The court also ordered that the preliminary injunction preventing State defendants (including SURS) from implementing the Act since May 14, 2014, become permanent.
|Nov-20-14||Medicare Advantage 2014 Open Enrollment Information||
Updated January 15, 2015
|Oct-01-14||SURS SMP Unified Statements Now Available Online Only||
Beginning with the 3rd Quarter Unified Statements, as part of a continuing effort to create greater efficiencies, SURS will no longer mail paper copies to Self-Managed Plan members. Unified Statements will be available online only via the SURS Member Website. Quarterly statements are also available on Provider (TIAA-CREF and Fidelity) websites.
|Sep-23-14||SURS 2015 Board of Trustees Election||
William Mabe, board secretary and executive director of the State Universities Retirement System (SURS), has announced the System will hold a board election during April 2015 to fill three expiring trustee positions. An impartial election services company will conduct the election. Candidate packets and petition forms will be available October 1, 2014, from SURS.
|Aug-29-14||Court Orders End to State Retiree Percentage-of-Annuity Insurance Premiums||
On August 28, 2014, Sangamon County Circuit Court Judge Steven Nardulli ordered the state to stop deducting monthly percentage-of-annuity health care premiums from annuity checks of state retirees and survivors enrolled in the State of Illinois Group Health Insurance Plan. This decision brings the Kanerva vs. Weems (No. 115811) case, filed last July by several state employee groups seeking to protect their premium-free state health insurance, one step closer to resolution.
|Aug-29-14||SURS to Recoup Millions from Bank of America Settlement||
The State Universities Retirement System (SURS) will receive a $2.6 million settlement from Bank of America for losses the System incurred from fraudulent mortgage-backed securities investments dating back to 2006.
On August 21, Attorney General Lisa Madigan announced Illinois would receive a total of $300 million as its portion of the national $16.65 billion settlement with Bank of America, stemming from a federal investigation into risky residential mortgage-backed securities (RMBS).
|Aug-19-14||State Retiree & Survivor Insurance Premiums Revert to 1% or 2%||
On June 27, 2014, the Illinois Department of Central Management Services (CMS) filed an emergency administrative rule amending section 2200.520 of the Illinois Administrative Code, entitled “State Employees Group Insurance Retiree Premium Contributions – Percentage of Annuity.” The emergency rule increased the percentage of annuity to be paid for State of Illinois retireee and survivor health insurance coverage from 1% (retirees and survivors with primary coverage under Medicare) or 2% (retirees and survivors with primary coverage under the state program) to 2% or 4% respectively.
|Aug-01-14||SURS Member Summary Screen Now Available||
If you are a Traditional or Portable member who would normally receive a paper Benefit Summary Statement, SURS invites you to log on to the Member Website by clicking on the yellow Member Login button at www.surs.org and visit the new Member Summary page, which replaces the former Benefit Summary Statement screen. First-time users will need to complete the secure Member Website registration process.
|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.