In most cases, the employer contribution to your pension is made by the state rather than your individual university or community college. Exceptions may apply if you are paid through a federal trust or grant or if you receive earnings in excess of 6 percent during your final average earnings period.
Traditional and Portable Plans:
The state contribution is a varying amount that is actuarially determined each year. The Illinois pension code (under 40 ILCS 5/15-155) requires the state to contribute an amount each year necessary for the System to become funded at 90 percent of assets to liabilities by the end of the state fiscal year 2045. The contribution amount is reported in the financial section of the SURS Annual Comprehensive Financial Report.
The state contribution does not go directly to your individual retirement account, but rather is paid to the System and kept in a pooled account used to fund retirement benefits.
Retirement Savings Plan (RSP):
Currently, all 7.6% of the state’s contribution is put towards your retirement. However, up to 1% of future contributions can be set aside to fund the RSP disability benefit if necessary. Employer contributions begin with the first full payroll period after you elect the Retirement Savings Plan.