The trustees of the State Universities Retirement System (SURS) met on Dec. 4 and 5. On Dec. 5, 2025, the board approved SURS fiscal year 2027 certified state contribution of $2,366,144,000.
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 board is required to certify the final state contribution for the upcoming fiscal year by Jan. 15th each year.
In other business:
- SURS Board voted to retain Man AHL for their Optimized Trend Solution in an investment amount between $400-450 million dollars, pending successful contract and fee negotiations.
- Trustees accepted the Actuarial Valuation Report and GASB 67/68 Report dated June 30, 2025. The reports will be posted to surs.org.
- The board set the fiscal year 2027 effective rate of interest at 7.25%. This rate remains unchanged from FY26. The SURS effective rate of interest is used for the calculation of service credit purchases, refunds of survivor and excess contributions, Traditional and Portable defined benefit plan refunds, and lump-sum Portable plan retirements.