|Sep-13-18||New Law Allows CIP Eligible Members to Opt Back Into Plan||
On Aug. 22, 2018, SB 3046 was signed into law by Gov. Bruce Rauner, amending legislation to allow former Community College Insurance Program members and their dependents who previously opted-out of their health benefits plan, to opt-back-in during an open enrollment period or other qualifying enrollment opportunity.
|Aug-01-18||Plan Choice Webinar - Tier II||
This webinar is for Tier II members who have not yet made a retirement plan choice. Tier II members are SURS participants who first begin their SURS (or other eligible Illinois reciprocal system) participation on or after January 1, 2011. The webinars are normally held on the last Tuesday of each month. See dates below.
|Jul-31-18||SURS July Newsletter||
The July Advocate is now available online, featuring articles on the board of trustees election, upcoming optional buyout plans, Money Purchase Factor changes, SURS asset liability study, investments, SURS IT team, and fall webinars and seminars.
|Jun-12-18||State Budget Includes Pension Code Changes that Affect SURS Members||
On June 4, a full-year state budget for FY 2019 was signed into law by Gov. Rauner. The actual budget bill (PA 100-586) appropriates $1,585,109,800 for SURS’ annual required state contribution. The certified FY 2019 state contribution to SURS is $1,655,154,000.
|May-04-18||SURS Members Elect New Trustees||
Steven Rock and Collin Van Meter have been elected to serve on the State Universities Retirement System (SURS) Board of Trustees by the System’s active members. John Engstrom was elected to serve as an annuitant trustee. Their six-year terms begin July 15.
|Apr-30-18||Benefit Choice Period for Health Insurance is May 1 -31, 2018||
The FY 2019 Benefit Choice Period to make health insurance changes is May 1 through May 31, 2018. This affects SURS active members as well as annuitants and survivors not enrolled in the Medicare Advantage 'TRAIL' Program. This is the only time of the year, other than when you experience a "qualifying change in status," that you may change your insurance coverage.
|Apr-30-18||TRAIL/SEGIP Enrollees - Special Dental Only Benefit Choice Period||
A special Dental Only Benefit Choice Enrollment Period will be available to SURS members enrolled in the State Employees Group Insurance Program (SEGIP) and the Medicare Advantage TRAIL Program. The enrollment period will be May 1 - May 31.
During this open enrollment, you may elect to opt-in or opt-out of dental coverage if you choose. This change affects your annual deductible costs, allowable expenses and out-of-pocket maximums. Elections made during this enrollment period will take effect July 1, 2018.
|Apr-30-18||New Money Purchase Factors Effective Date Set||
The SURS Board of Trustees recently set the effective date for changes to the Money Purchase factors as July 2, 2019. The changes to the factors are a result of a recent actuarial experience study* which recommended a reduction of the assumed rate of investment return and updated mortality tables to reflect an overall increased life expectancy. An actuarial experience study is required by state statute at least once every three years.
|Apr-30-18||Virtual Retirement Education Seminar (For Tier II Members)||
This virtual seminar is appropriate for Tier II members who are considering retirement.
Members who originally began contributing to SURS on or after January 1, 2011, are Tier II.
The seminar includes a general SURS overview presentation, a Social Security presentation and two different presentations on insurance benefits after retirement.
Please chose the video that is appropriate for you based on your employer. One presentation is for State Insurance (university employees) and one presentation is for the College Insurance Program (community college employees).
|Apr-02-18||Update on Optional Hybrid Plan||
SURS is currently not moving forward with the implementation of the optional hybrid plan created under PA 100-0023. Additional clarifying legislation is needed for SURS to be able to do so. SURS staff worked extensively last year with the General Assembly on a trailer bill that would have provided necessary clarifications; but that bill failed to pass. At this time, it appears unlikely that the General Assembly will pass legislation to implement the optional hybrid plan.
SURS will communicate any changes if they occur.