State University Retirement System

The State Universities Retirement System of Illinois (SURS) provides retirement, disability, death, and survivor benefits to eligible SURS participants and annuitants. Eligible employees are automatically enrolled in SURS when employment begins. You will not pay into Social Security during your employment with a SURS-covered employer, so you are not eligible for Social Security coverage based on this employment. You will pay Medicare taxes of 1.45% of your gross earnings. SURS contributions of 8% (9.5% for police in the Traditional and Portable Benefit Packages) of your gross earnings will be automatically deducted from each employment paycheck. This is a lifetime, irrevocable decision. After SURS is notified about your employment, they will send you a detailed Choice Packet to your home address. Note: If you do not make this decision within six months of your date of hire, you will automatically be enrolled in the Traditional Benefit Package. This default enrollment is also irrevocable.

As a new member of SURS, you must choose a retirement plan within the first 6 months of your employment. Your choice will depend on the types of benefits you wish to receive in the future, as well as the amount of personal involvement you want in determining where and how your contributions are invested. SURS members must choose one of three retirement options: Traditional Plan, Portable Plan or Self-Managed Plan. When you attend the employee orientation additional information will be provided or you can obtain clarity from the SURS website www.surs.org.
Traditional Plan Portable Plan Self-Managed Plan
The SURS Traditional plan is the historical SURS Defined Benefit retirement plan. It was the only SURS plan available until 1998. It provides lifetime retirement benefits and a survivor benefit at no additional cost. However, the separation refund feature is not as generous as the Portable plan. The Traditional plan is also the default plan assigned to members who fail to choose a plan within six months of certification. The SURS Portable plan is a Defined Benefit retirement plan that has much in common with the Traditional 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. The SURS Self-Managed plan (SMP) is a defined contribution plan that establishes an account into which your contributions and the employer (State of Illinois) contributions are placed. You decide how your account balance will be invested, selecting from a variety of mutual funds and variable annuities.