|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-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-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.
|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.
|Jul-11-13||2012 Annual Report Summary Available Online||
SURS has posted its 2012 Annual Financial Report Summary for viewing.
|Jun-14-13||General Assembly to Meet June 19||
Illinois General Assembly Special Session Scheduled for June 19
Governor Quinn has called General Assembly members back to Springfield on June 19 for a Special Session.
|Jun-07-13||New SURS Chairperson Appointed||
Champaign, IL – On June 4, 2013, Governor Pat Quinn announced the appointment of Lindsay Anderson to head the Illinois Board of Higher Education. According to the Illinois Pension Code, Anderson will also serve as chairperson of the State Universities Retirement System (SURS) Board of Trustees.
|Jun-07-13||Legislative Session Update||
The General Assembly adjourned Spring Session on May 31. Learn where key pension reform legislation stands.