1901 Fox Drive
NIU Naperville Outreach Center
For contact information go to www.surs.org/contact-us.
SURS - Living Our Mission
SURS Comprehensive Annual Financial Report
The Comprehensive Annual Financial Report for the State Universities Retirement System of Illinois (SURS or the System, a component unit of the State of Illinois).
All About SURS
This booklet is a brief, yet comprehensive look at the System, our investment and funding history, membership, benefit distribution and relevant legislation. Information is updated on a regular basis.
SURS In Brief
This fact sheet succinctly outlines membership, investment and benefit figures, and provides a retirement-plan comparison chart.
SURS Financial Highlights and Funding
SURS History and Membership
In 1941, a four-year study concluded with the formation of the University Retirement System. The act provided "for the creation, maintenance, and administration of a Retirement System for the benefit of the staff members and employees of the University of Illinois and certain other state educational and scientific agencies." Ruth Ellen Kunkel was the System's first employee and administrator.
In 1942, the System had 3,760 participants and added two additional staff members. In the following years, the University Retirement System grew to include other universities, colleges, and affiliated agencies throughout the state.
In 1963, the System adopted its current name, State Universities Retirement System (SURS).
Today SURS serves 61 employers* in Illinois including state universities, community colleges, and state agencies. It employs approximately 132 full-time employees in offices in Champaign and Naperville and provides benefit services to over 220,000 members throughout the world. SURS has a total operating budget of $19,520,474 for FY 2016.
*Number denotes combining of several campuses.
SURS is governed by an eleven-member Board of Trustees. Four trustees are elected by active SURS members, two trustees are elected by retired SURS members, and four trustees are appointed by the Governor. The Chairperson of the Illinois Board of Higher Education, who is appointed by the Governor, also serves as the Chairperson for the SURS Board of Trustees. The board meets at minimum seven times per year - Schedule. Agendas are posted 48 hours prior to each meeting.
The SURS Board of Trustees has a fiduciary duty to administer the System in compliance with the requirements of Articles 1 and 15 of the Illinois Pension Code.
Senior Administrative Staff
|Martin Noven||Executive Director
|Douglas Wesley||Chief Investment Officer||Chief_Investment_Officer@surs.org|
|Bianca T. Green||General Counsel & Freedom of Information Officer||General_Counsel@surs.org|
|Phyllis Walker||Chief Financial Officer||Chief_Financial_Officer@surs.org|
|Jefferey Saiger||Chief Technology Officer||Chief_Technology_Officer@surs.org|
|Suzanne Mayer||Chief Benefits Officer||Chief_Benefits_Officer@surs.org|
|Angie Lieb||Director of Member Services||Director_of_Member_Services@surs.org|
|Brenda Dunn||Director of Human Resources||Director_of_Human_Resources@surs.org|
|Steven L. Hayward||Director of Internal Audit||Director_of_Internal_Audit@surs.org|
Legislation Affecting SURS
SURS was created by the Governor and General Assembly in 1941. Consistent with that, changes to the existing benefit program must be enacted through legislation. Examples of SURS-related legislative action can be found in the passage of yearly appropriation bills and the pension reform acts of 2010 and 2013. Changes in state law will continue to affect the agencies we serve, the benefits we provide, and how we are funded.
For more information on legislation affecting SURS, go to www.surs.org/legislation.