Monday, May 2, 2011

Who Is At Fault?
A History of SURS Contributions
(in Millions)

Author: The State Universities Retirement System of Illinois
Title: All About SURS (Page 4)
Publication: SURS Website

Standard pension funding as established by the Governmental Accounting Standards Board Statements No. 25 and 27, called the “annual required contribution” or “ARC,” requires payment by the employer of the total normal cost for the fiscal year, plus an amount sufficient to amortize the Unfunded Actuarial Accrued Liability (UAAL) over a prescribed period of time (currently 30 years). The chart below provides an interesting comparison of the State contribution over the years.

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