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Surs Webbased Referral Form PDF
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People also ask
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How is SURS service credit calculated?
Service credit is based on the payrolls posted to the member's account by the employer. At the time of retirement, SURS will require verification of the actual contract dates from the employer.
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How is the state of Illinois pension calculated?
Your retirement benefit is based on final average compensation and credited service. For regular formula employees, final average compensation is the average of the 96 highest consecutive months of service within the last 120 months of service.
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What is the maximum pensionable earnings for SURS?
Pensionable Earnings/ Contribution Limits FY2026 earnings limit is $350,000. Limited to a maximum earnings of $125,773.73 for 2025 and $127,283.01 for 2026. Increases annually thereafter by the lesser of 3% or ½ the Consumer Price Index (CPI) change the preceding year. IRS limits apply.
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How long does it take to be fully vested in a surs?
You are always 100% vested in the contributions you make, which means the money is yours to keep. You are eligible for a retirement benefit based on your age and length of service for a SURS-covered employer. The Traditional Pension Plan requires 10 years of service to become vested for a lifetime monthly benefit.
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How is Illinois surs pension calculated?
Retirement Savings Plan You receive a lifetime monthly retirement benefit based on a formula that considers factors such as your age, length of service and average salary. The formula is: years of service x 2.2% x your final average earnings, less an age reduction, if applicable.
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What is the difference between traditional and portable surs plans?
The SURS Portable Pension Plan is a Defined Benefit retirement plan that has much in common with the Traditional Pension Plan. However, it provides a more generous separation refund when participants leave the system. The provisions for survivor benefits require a reduction to the retirement and death benefits.
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How long does it take to be fully vested in a SURS?
You are always 100% vested in the contributions you make, which means the money is yours to keep. You are eligible for a retirement benefit based on your age and length of service for a SURS-covered employer. The Traditional Pension Plan requires 10 years of service to become vested for a lifetime monthly benefit.
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