Reprinted with permission:
Dear Colleagues,
As you probably are
aware, many features of the retirement programs administered by the State
Universities Retirement System (SURS) may change as a result of the enactment
of PA 98-599, a comprehensive overhaul of public pension funding for the state
of Illinois. Although the new law is being challenged in court as
unconstitutional, it will become effective on June 1 unless a
judicial stay is granted.
The changes mandated
by the law will significantly impact faculty and staff retirement benefits,
especially for those hired prior to January 1, 2011. SURS has prepared several
informative resources to assist in understanding the impact of the new law. I
encourage you to read http://www.surs.org/news-article/021314/learn-facts-about-pension-reform and
an upcoming special edition of the SURS “Advocate” newsletter. SURS is also
providing expanded counseling services for individual members. A list of
available informational resources is provided later in this communication.
We are keenly aware of
the adverse impact of the pension funding changes in the new law for members of
the University community. The Board of Trustees has directed the University to
explore potential options, including supplementary programs, to ensure that our
retirement system is competitive with those of our peers.
While we explore those
options and confer with SURS and elected officials in Springfield, many
employees are assessing the law’s impact on them. It is important to make
informed decisions based on facts, which is why I urge you to utilize the
resources listed here.
Sincerely,
Robert A. Easter
President
On-Campus SURS
Seminars
SURS will present pension seminars for faculty and staff. Some sessions have
already been held on-campus, but a few additional dates are still available.
Registration is required at
http://nessie.uihr.uillinois.edu/retirementseminar.
Counseling
If you are eligible to retire by June 30, 2014, and considering retiring
within the next 1 to 2 years, then you are encouraged to schedule an
appointment with SURS at http://surs.org/life-events/retirement/counseling.
SURS will be offering group counseling sessions (where your individual
calculation will be provided) in order to assist more employees before the
Act’s effective date.
If you are eligible to
retire June 30, 2014, or earlier, and have received an estimate from SURS
prior to January 2014, then your estimate does NOT reflect the provisions of
PA98-599. You may be eligible to receive a second estimate or counseling
appointment. You must call SURS at 800-275-7877 to
make this request.
Questions
If you have questions about your personal situation and pension law changes,
please contact SURS at 800-ASK-SURS (800-275-7877) or 217-378-8800.
For other assistance,
please contact your Human Resources office. Please note that the Human
Resources office can provide information about your dates of employment,
vacation/sick leave balances, and separation procedures. Only SURS
representatives can answer your specific retirement questions.
