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Surs Webbased Referral Form PDF
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People also ask
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How does SURS work in Illinois?
Under the SURS Retirement Savings Plan, you contribute 8.0% of earnings, and the state contributes 7.6%—of which up to 1% is used to provide you with eligibility for disability benefits. -
What is the funding ratio for the Illinois Surs?
Historical underfunding is largely responsible for the current funded status of the System. As of June 30, 2022, SURS was 45.2% funded based on the actuarial value of assets with nearly $22.6 billion in assets (actuarial value basis) and $27.3 billion in unfunded actuarially accrued liability. -
What is the SURS 6% rule?
"If the amount of a participant's earnings for any academic year used to determine the final rate of earnings, determined on a full-time equivalent basis, exceeds the amount of his or her earnings with the same employer for the previous academic year, determined on a full-time equivalent basis, by more than 6%, the ... -
When can I retire from UIC?
Age 55 with 8 or more years of service (Benefits are reduced for early retirement if the employee retires under the general formula between ages 55 and 60) Age 62 with 5 or more years of service. Any age with 30 or more years of service. -
What is the lifetime income strategy for the Surs?
The SURS Lifetime Income Strategy generally allows you to begin purchasing income at age 50 or the date you are vested, whichever is later. In certain circumstances, some members may purchase income as early as age 45. In the Lifetime Income Strategy, you may also purchase income just prior to the date of retirement. -
How is Illinois Surs pension calculated?
The formula is: years of service x 2.2% x your final average earnings, less an age reduction, if applicable. Subject to a maximum of 80% of your final average earnings. Excess contributions would be refunded at retirement. -
What is the maximum contribution to the SURS?
The minimum amount that you may contribute to the Plan is $10 per pay period or 1% of your gross pay per pay period. The maximum amount you may contribute is determined by the IRS: For calendar year 2023, the maximum is $22,500. For calendar year 2024, the maximum is $23,000. -
How long does it take to be vested in SURS?
The Portable Pension Plan requires 10 years of service to become vested for a lifetime monthly benefit and five years of service to vest for the lump sum with the employer match. The RSP has a five-year vesting period to qualify for either the lifetime monthly benefit or the lump sum with the employer match.
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