Champaign, IL – The State Universities Retirement System (SURS) Board of Trustees on Oct. 20 certified the System’s preliminary state contribution for fiscal year 2024 at $2,129,109,000, an increase of $10,542,000 from FY 2023.
The state’s contribution to the College Insurance Program (CIP) was also certified at $5,120,262 for FY 2024.
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 preliminary contribution must be reviewed by the state actuary. The board must certify the final state contribution for fiscal year 2024 by Jan. 15, 2023.
In Other Business:
- The board committed $50 million to the Torchlight Debt Fund VIII within the System’s Real Assets portfolio, subject to successful contract negotiations.
- The board made a $100 million commitment to the Private Equity Fairview Lincoln Fund I (Series C), subject to successful contract negotiations.