3.3.10 – Retirement Contributions – State University Retirement System (SURS)
POLICY: Eligible employees contribute eight percent (8%) of their income to the State University Retirement System (SURS) for the purpose of retirement benefits.
This policy applies to all eligible employees. Section 15-107 of the Illinois Pension Code defines an “Employee” as “any member of the educational, administrative, secretarial, clerical, mechanical, labor, or other staff” whose employment is permanent and continuous or who is employed in a position in which services are expected to be rendered on a continuous basis for at least four months or one academic term, whichever is less and is full-time equivalency is at least ten percent of a full-time equivalent position. Specific statutory exclusions apply including the following:
Is a student enrolled in and regularly attending classes in a college or university which is an employer, and is employed on a temporary basis at less than full-time.
Is currently receiving a retirement annuity or disability retirement annuity from SURS.
Hired to complete a specific project of a specific short-term duration.Filling a positon temporarily vacated for an employee who is sick or on temporary leave of absence.
Filling a position if funding is temporary and renewal of funding is not sought from year to year.
Employment is seasonal.
Employment is “as-needed” or “on-call”.
Employees choose one of three optional retirement plans (Traditional, Portable, Self-Managed).
The employee selects an optional retirement plan within six months of employment and the decision is irrevocable.
The State University Retirement System (SURS) allows eligible annuitants to participate in post-retirement health insurance. To be eligible for the College Insurance Program (CIP), annuitants must be receiving a monthly benefit from SURS and either (1) have been a full-time employee of a community college district or an association of community college boards created under the Public Community College Act and eligible to participate in a group benefit plan as an employee or (2) be a survivor of an eligible Benefit Recipient.
The State Universities Retirement System (SURS) provides disability benefits for eligible participants if the employee has at least two years of service credit, and is sick or injured and unable to work.The amount of the benefit depends on how much the employee was earning when they became disabled. The employee will receive the greater of:
50% of the employee’s basic compensation on the day the employee became disabled, or
50% of the employee’s average earnings for the 24 months prior to the disability date.
Basic compensation is the employee’s base salary; it does not include earnings for summer or overtime pay.