|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.
|Feb-12-13||New Website Design||
SURS is pleased to announce the launch of our new and improved website! The new design was created in-house by SURS staff to provide a more contemporary look with more efficient navigation. Now you can easily read the latest news, access the SURS Member Website, and find and print forms.
|Feb-12-13||Payment Date Changes||
The State Universities Retirement System will begin releasing funds for electronic direct-deposit annuity payments on the first day of each month. Previously the funds were released on the first working day of the month. Disability payments which had been released on the last working day of the month will now be released on the last day of the month.