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

Link: http://www.surs.com/pdfs/joint/SURS_Facts.pdf

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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The UIC chapter of the State Universities Annuitants Association (SUAA), with over 1,600 members, exists to promote the individual and collective interests and welfare of its members and of all UIC retirees. It endeavors, in association with 52 other chapters in Illinois, to achieve legislation favorable to retirees and to keep members informed of pending legislation that can be of importance to them. In addition, the Chapter disseminates current information on issues of general concern to senior citizens, provides a liaison between retirees and the campus administration, provides opportunities for socializing among members, and works to assure adequate funding of the Illinois State Universities Retirement System (SURS).

The Chapter seeks ways in which retirees can help further the goals of the campus through volunteering, re-employment, financial support, or other activities. Membership is open to all SURS members, including current faculty-staff, annuitants, their spouses and survivors. Annual dues can be paid once a year or by deduction from monthly U. of I. payroll or SURS benefit checks.

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