Champaign, IL – The State Universities Retirement System (SURS) Board of Trustees on Dec. 3 certified the System’s fiscal year 2023 state contribution at $2,118,567,000, an increase of $17,288,000 from FY 2022.

Each year, an independent actuary retained by SURS evaluates the system and determines the required state contribution under the formula outlined in Illinois law (40 ILCS 5/15-155). The formula requires the state to make an annual contribution to SURS that will allow it to reach a funded status of 90% by the end of fiscal year 2045. Several actuarial assumptions impact the state contribution including the investment return, mortality rates and salary growth. The board is required to certify the final state contribution by Jan. 15 for the upcoming fiscal year. SURS fiscal year is July 1 through June 30.

The board also voted to change the System’s effective rate of interest to 6.5% for fiscal year 2023.The rate was 6.0% for FY 2022. The SURS effective rate of interest is used for the calculation of service credit purchases, refunds of survivor and excess contributions, Traditional and Portable defined benefit plan refunds, and lump-sum Portable plan retirements.

In Other Business the Board

  • Approved Mitsubishi UFJ Trust and Banking Corp as SURS securities lending provider, subject to successful contract negotiations.
  • Approved the graduation of Solstein Capital, LLC from the Xponance Portfolio to a direct SURS relationship, subject to successful contract negotiations.
  • Set SURS goal for contracts and purchases from businesses owned by minorities, women, and persons with disabilities at 20% for FY 2022.

Approved the Fiscal Year 2021 Actuarial Valuation Report and the Fiscal Year 2021 GASB 67/68 Report as of June 30, 2021. The reports are posted here.