|May-23-13||New Retiree Health Plan Rates||
The State of Illinois has released Retiree Health Plan Contribution Rates for Fiscal Year 2014.
SURS’s annuitants with less than 20 years of creditable service credit are required to share in the cost of their State of Illinois Insurance. All affected SURS annuitants will receive a letter and a chart outlining the contribution rates for FY 2014 (effective July 1, 2013).* The rates are based upon the number of years of creditable service credit each member has with SURS, as well as their Medicare status.
|May-23-13||Pending Pension Reform Legislation||
On May 2, 2013, the Illinois House passed Senate Bill 1, their version of comprehensive pension reform legislation. The bill is sponsored by Speaker of the House Michael Madigan. On May 9, 2013, the Senate passed SB 2404, a less aggressive pension reform bill sponsored by Senate President John Cullerton. Both bills would affect SURS’s members and annuitants. To read details click on the corresponding button.
|May-02-13||Annuitant Health Insurance Cost||
Beginning July 1, 2013, per Public Act 97-0695, all SURS retirees, annuitants and survivors covered under the State of Illinois Group Health Insurance Program, will be charged a percentage of their combined annuities from all five state retirement systems to cover the cost of health insurance benefits. CMS will be mailing a letter dated May 1, 2013 that will provide details of how this amount is calculated. In addition, the letter contains helpful illustrations of contributio
|May-01-13||Benefit Choice Period is May 1-31||
The Fiscal Year 2014 Benefit Choice Period is May 1 through May 31, 2013, 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 May 31, 2013. Elections will be effective July 1, 2013. If you do not want to make changes to your insurance benefits, you do NOT need to complete the form.
|Apr-02-13||SURS Board Approves Fixed-Income Asset Class Structure Analysis||
The State Universities Retirement System (SURS) Board of Trustees on March 13, 2013, voted to approve recommendations from the recently completed Fixed Income Asset Structure Analysis. The modifications approved are designed to create a tiered, equal-weight strategy of investment manager allocations, and increase utilization of Minority-, Female-, and Persons with a Disability-Owned (MFDB) investment firms. The process will complete the Asset Structure Analysis of the Fixed Income asset class. Previously, in 2011, a structure analysis was conducted for the U.S. Equity, Non-U.S.
|Mar-29-13||April Newsletter Now Available||
The Legislative Advocate is now available. Learn more about recent pension legislation.
|Mar-12-13||SURS Board Selects Real Estate Managers||
The State Universities Retirement System (SURS) Board of Trustees approved the selection of core real estate managers J.P. Morgan and Heitman at their February 14, 2013, meeting in Chicago.
The System awarded $150 million each to J.P. Morgan’s JPMCB Strategic Property Fund and the Heitman America Real Estate Trust (HART). The search process began in September 2012.
Separately, the Board voted to terminate both a U.S. REIT and Global REIT relationship with RREEF, transferring approximately $200 million into the BlackRock Global Real Estate Securities Index Fund.
|Mar-08-13||FY 2014 Benefit Fairs Scheduled||
The Illinois Department of Central Management Services has scheduled health benefit fairs at 17 locations throughout the state from Chicago to Carbondale. All members of the Group Insurance Program, including active state and university employees, retirees and survivors can attend. The state-sponsored vendors for health, dental, vision and life insurance plans will be available to answer questions.
|Mar-04-13||March Newsletter Now Available||
The Technology Advocate is now available. Learn more about electronic services and educational webinars.
|Feb-13-13||FY 2014 Effective Rates of Interest||
The Effective Rates of Interest pertaining to the State Universities Retirement System (SURS) have been released.
The Illinois Office of Comptroller (IOC) has set the Fiscal Year 2014 rate of interest at 6.75 percent. Public Act 94-4 requires the IOC to annually set the effective rate of interest used in computing the Money Purchase Formula.