Retirement FAQs
Answers for members regarding when you can retire, what you need to do, and how long it will take. To return the Frequently Asked Questions Home, click here.
Are my pension benefits subject to taxation?
Your pension benefits are subject to taxation by the Internal Revenue Service for federal income tax purposes. Under current law, your pension...
How do I change my financial institution?
If you are in the Traditional or Portable Pension plans, log into your SURS Member Website account and complete the change form. If you are wanting...
When will I receive my first annuity check?
This can vary considerably but on average you can expect your claim to be finalized within two to three months. There are several factors that may...
What annuity begin date should I enter on my retirement application?
Since all annuity benefit payments are made on the first of the month, it is recommended that you select the first day of the month in the month in...
What type of health insurance is available to me at retirement?
SURS benefit recipients may be eligible to participate in the State of Illinois Employee Group Insurance Program (SEGIP) or the College Insurance...
What is the effective date of my health insurance?
Coverage will be effective on your annuity begin date unless you have filed your application late. Your insurance cards will likely arrive a few...
Will my survivor continue to receive the annual cost of living increase after I pass away?
If you first began participation prior to January 1, 2011: Each January 1st, the survivor annuity will automatically receive an increase of 3%...
Will I receive a cost of living increase on my retirement?
If you first began participation prior to January 1, 2011: Each January 1st, your retirement annuity will automatically receive a 3% compounded...
Is there a limitation on my earnings after retirement?
If you return to work under a SURS-covered employer; Traditional and Portable retirees are subject to an earnings limitation. Traditional and...
Can I return to work after I retire?
Traditional and Portable Plan monthly annuities: After retirement, you may return to work with a SURS-covered employer after you have been...
Who is an eligible survivor under the Traditional plan?
Your spouse, if married at least one year prior to your death An unmarried, dependent child under the age of 18 An unmarried, full-time student...
What is the difference between a Normal form of annuity and an Optional form of annuity under the Portable plan?
Please refer to the Normal and Optional forms of annuity section of the Portable member guide. Return to Frequently Asked Questions
What is a reversionary annuity under the Traditional plan?
A reversionary annuity provides your spouse or other dependent beneficiary with a monthly income in addition to what is payable as a survivor...
What does the term “final average earnings” (FAE) mean as it is used in the retirement calculation?
The FAE is used under some calculations to determine a member’s retirement annuity and maximum annuity payable. If participation first began prior...
What are the formulas SURS uses when calculating a retirement benefit under the Traditional or Portable plan?
There are three primary calculations used when member retires under the Traditional or Portable plan: General Formula Money...
How can I check the status of my retirement claim?
For Traditional or Portable Plan retirements: Retirement claims are finished on a first in, first out basis. To view the status of your claim, visit...
What is the normal time frame for completion of a retirement claim?
Normal processing time is 6 months or longer. Return to Frequently Asked Questions
If I retire reciprocally, do I need to complete a retirement application with each system?
Yes, you should complete and submit an application for each reciprocal system. Return to Frequently Asked Questions
What are the reciprocal systems covered under the reciprocal act?
Please consult the current list of reciprocal systems. Return to Frequently Asked Questions
What is a reciprocal retirement?
There are 13 public retirement systems in Illinois covered under the Illinois Retirement Systems Reciprocal Act. If you have at least one year of...