New Money Purchase Factors Effective Date Set
The SURS Board of Trustees recently set the effective date for changes to the Money Purchase factors as January 4, 2016.
Retirement Plans
Retirement Plans
Description Summary:
SURS offers three retirement plans; the traditional plan, portable plan and self-managed plan.
Traditional Plan
The SURS Traditional plan is the historical SURS Defined Benefit retirement plan. It was the only SURS plan available until 1998. It provides lifetime retirement benefits and a survivor benefit at no additional cost. However, the separation refund feature is not as generous as the Portable plan. The Traditional plan is also the default plan assigned to members who fail to choose a plan within six months of certification.
Portable Plan - Active Members
Description Summary:
Links for an active member in the portable plan.
Welcome to the Active Member portion of the SURS website. An active member is currently employed by a SURS-covered employer and contributes a portion of their earnings to the System.
Benefits
Learn more about your SURS benefits including insurance, retirement, and disability. Find information on how to take a refund of your contributions if you leave the System or prepare for retirement.
Self-Managed Plan
Description Summary:
A list of helpful links for members in the self-managed plan.
The SURS Self-Managed plan (SMP) is a defined contribution plan that establishes an account into which your contributions and the employer (State of Illinois) contributions are placed. You decide how your account balance will be invested, selecting from a variety of mutual funds and variable annuities.
Portable Plan
Description Summary:
A list of helpful links for members in the portable plan.
The SURS Portable plan is a Defined Benefit retirement plan that has much in common with the Traditional plan. However, it provides a more generous separation refund when participants leave the system. The provisions for survivor benefits require a reduction to the retirement and death benefits.
Traditional Plan
Description Summary:
A list of helpful links for members in the traditional plan.
The SURS Traditional plan is the historical SURS Defined Benefit retirement plan. It was the only SURS plan available until 1998. It provides lifetime retirement benefits and a survivor benefit at no additional cost. However, the separation refund feature is not as generous as the Portable plan. The Traditional plan is also the default plan assigned to members who fail to choose a plan within six months of certification.
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