|Feb-18-15||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. The changes to the factors are a result of a recent actuarial experience study* which recommended a reduction of the assumed rate of investment return and updated mortality tables to reflect an overall increased life expectancy. An actuarial experience study is required by state statute at least once every five years.
|Jan-29-15||Retiree Health Insurance Premiums Class Action Lawsuit Information||
Updated Feb. 6, 2015
Retiree Health Insurance Premiums Class Action Lawsuit Information
|Jan-27-15||SURS 2014 Annual Report Released||
SURS has posted its 2014 Comprehensive Annual Financial Report. The 104-page report outlines the System’s financial statements, investment results, funding analyses, and benefit payments.
SURS annual reports dating back to 2006 are also available online.
Questions regarding the contents of the report should be directed to SURS Chief Financial Officer Phyllis Walker at 1-800-275-7877.
Click here to view the SURS 2014 Comprehensive Annual Financial Report
|Nov-21-14||Circuit Judge Finds Pension Reform Unconstitutional||
Circuit Judge Finds Pension Reform Unconstitutional
In a written decision dated November 21, 2014, Judge John Belz of the Sangamon County Circuit Court entered a final declaratory judgment that “Public Act 98-0599 is unconstitutional and void in its entirety.” The court also ordered that the preliminary injunction preventing State defendants (including SURS) from implementing the Act since May 14, 2014, become permanent.
|Nov-20-14||Medicare Advantage 2014 Open Enrollment Information||
Updated January 15, 2015
|Oct-01-14||SURS SMP Unified Statements Now Available Online Only||
Beginning with the 3rd Quarter Unified Statements, as part of a continuing effort to create greater efficiencies, SURS will no longer mail paper copies to Self-Managed Plan members. Unified Statements will be available online only via the SURS Member Website. Quarterly statements are also available on Provider (TIAA-CREF and Fidelity) websites.
|Sep-23-14||SURS 2015 Board of Trustees Election||
William Mabe, board secretary and executive director of the State Universities Retirement System (SURS), has announced the System will hold a board election during April 2015 to fill three expiring trustee positions. An impartial election services company will conduct the election. Candidate packets and petition forms will be available October 1, 2014, from SURS.
|Aug-29-14||Court Orders End to State Retiree Percentage-of-Annuity Insurance Premiums||
On August 28, 2014, Sangamon County Circuit Court Judge Steven Nardulli ordered the state to stop deducting monthly percentage-of-annuity health care premiums from annuity checks of state retirees and survivors enrolled in the State of Illinois Group Health Insurance Plan. This decision brings the Kanerva vs. Weems (No. 115811) case, filed last July by several state employee groups seeking to protect their premium-free state health insurance, one step closer to resolution.
|Aug-29-14||SURS to Recoup Millions from Bank of America Settlement||
The State Universities Retirement System (SURS) will receive a $2.6 million settlement from Bank of America for losses the System incurred from fraudulent mortgage-backed securities investments dating back to 2006.
On August 21, Attorney General Lisa Madigan announced Illinois would receive a total of $300 million as its portion of the national $16.65 billion settlement with Bank of America, stemming from a federal investigation into risky residential mortgage-backed securities (RMBS).
|Aug-19-14||State Retiree & Survivor Insurance Premiums Revert to 1% or 2%||
On June 27, 2014, the Illinois Department of Central Management Services (CMS) filed an emergency administrative rule amending section 2200.520 of the Illinois Administrative Code, entitled “State Employees Group Insurance Retiree Premium Contributions – Percentage of Annuity.” The emergency rule increased the percentage of annuity to be paid for State of Illinois retireee and survivor health insurance coverage from 1% (retirees and survivors with primary coverage under Medicare) or 2% (retirees and survivors with primary coverage under the state program) to 2% or 4% respectively.