Champaign, IL – The State Universities Retirement System (SURS) Board of Trustees on Oct. 22 certified the System’s preliminary state contribution for fiscal year 2028 at $2,481,306,000, an increase of $115,162,000 from FY 2027.
The state’s contribution to the College Insurance Program (CIP) was also certified at $13,095,730 for FY 2028.
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 2028 by Jan. 15, 2027.
In other business, the Board approved:
- Entering into a new service agreement with proxy service provider, Glass Lewis, contingent upon the completion of successful contract negotiations.
- Moving index funds in the SURS Retirement Savings Plan (RSP) and Deferred Compensation Plan (DCP) from BlackRock to State Street Investment Management, contingent upon the completion of successful contract negotiations. These changes will be communicated to members closer to implementation targeted for late March 2027.
- Reversing the decision to commit to the Belay Fund IV real assets limited partnership and to cease contract negotiations.
The next meetings of the SURS Board of Trustees and committees will be December 3 and 4, 2026, in Chicago.