|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.
|Jul-21-14||SURS Retirement Seminars||
SURS is offering fall Retirement Education Seminars for members enrolled in the Traditional and Portable plans. The one-day seminars will be held at the SURS offices in Champaign and Naperville. The sessions will be specific to your employer type. Click on your preferred location to learn more.
|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-18-14||Self-Managed Plan Webinar||
This webinar is for Self-Managed Plan members who are new to the SURS system or who want to learn more about SMP.
|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.