News Features

Nov-25-13 Compensation Study RFP

The State Universities Retirement System of Illinois (SURS) is soliciting proposals from qualified firms to provide a compensation study of approximately 120 positions at SURS. A firm submitting a proposal is referred to as the “Responder.”

Minority-, Female- and/or Disabled-Owned Business Enterprises, as those terms are defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act (30 ILCS 575/), are encouraged to submit Proposals.

Nov-21-13 SURS to Receive Settlement from JP Morgan Chase

SURS to receive $16.2 million from JPMorgan Chase

Champaign, IL – The State Universities Retirement System will receive $16.2 million as part of a $100 million settlement with JPMorgan Chase & Company, Illinois Attorney General Lisa Madigan announced Tuesday. The settlement is regarding losses incurred by Illinois’ pension systems as a result of the bank’s misconduct in the lead up to the 2008 economic collapse.

Nov-21-13 Insurance Risk Management RFP

The State Universities Retirement System (SURS) is seeking proposals from qualified insurance brokerage firms to provide insurance brokerage and risk management services.

Nov-15-13 Update on State Medicare Advantage Plans

The State of Illinois is requiring Medicare-primary retirees, annuitants and survivors currently enrolled in the College Insurance Program (CIP) and the State Employees’ Group Health Program (including those who have Medicare-primary dependents on their health insurance coverage) to move to a State-sponsored Medicare Advantage Plan.

Nov-06-13 SURS Posts Solid FY 13 Investment Results

The State Universities Retirement System earned a strong 12.5% investment return (net of investment fees) for Fiscal Year 2013 (ending June 30, 2013), increasing plan assets to $15.0 billion. Estimated assets at the end of September 2013 were in excess of $15.6 billion.

Investment income and net appreciation totaled $1.7 billion for the 2013 Fiscal Year. As of June 30, 2013, SURS portfolio earned an average return of 7.7% for the last ten years, 8.5% since 1988, and 9.2% over the past 30-year period. The fund's assumed rate of investment return is 7.75%.

Oct-15-13 SMP Newsletter Available Online

Read the advocate.

Oct-04-13 CMS Conducting Dependent Eligibility Audit

To ensure that only eligible dependents are covered under the State Employees Group Insurance Program (SEGIP) and the Teachers’ Retirement Insurance Program (TRIP), the Illinois Department of Central Management Services (CMS) has retained the services of HMS Employer Solutions (HMS) to conduct a Dependent Eligibility Verification Audit.

Sep-30-13 Actuarial Consulting Services RFP - Questions & Answers Posted

The State Universities Retirement System (“SURS” or the “System”) is requesting proposals from qualified actuarial consulting firms to provide a range of actuarial services and actuarial advice to the Board of Trustees and SURS staff. This search was authorized by the Board of Trustees and seeks to identify potential full-service actuarial services. The consultant(s) will report to the Board of Trustees and will also be required to work with and provide assistance to the SURS staff. It is anticipated that SURS will enter into a five (5) year contract with the consultant.

Jul-31-13 July Newsletter Available Online

The July Advocate includes articles on return-to-work laws, retiree health insurance premiums and much more. 

Jul-15-13 Annuitants Can Receive Incentives by Opting Out of State Insurance

Effective July 1, 2013, Public Act 98-0019 allows Non-Medicare annuitants who opt out of the State of Illinois Health Insurance Program the opportunity to enroll in a financial incentive program.  Non-Medicare annuitants with 20 or more years of service are eligible for $500.00 per month and Non-Medicare annuitants with less than 20 years of service are eligible for $150.00 per month.

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