State Universities Retirement System (SURS)
Defined Contribution Plan: Self-Managed Plan
The SURS SMP is a Defined Contribution plan that establishes an account in your name 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, stable value funds, and variable annuities. The benefit you receive is based on your account value at retirement. There are no minimum or maximum benefits under the SMP.
You can make changes that could significantly increase (or decrease) your future retirement annuity. You are responsible for your investment elections. You bear the full risk of any gain or loss resulting from your elections.
Total contributions to the SMP equal 15.6% of your earnings. You contribute 8.0% of earnings and the state contributes 7.6%—of which up to 1% is used to provide you with eligibility for disability benefits.
SURS allows a choice of two service providers for the SMP: Fidelity Investments or TIAA.
If you first became a SURS member (or other eligible Illinois reciprocal system) on or after 1/1/2011, then you are considered a Tier 2 member. However, if you choose the SURS SMP, then you are not impacted by the pension changes effective 1/1/2011.
See New to SURS to view the Plan Choice Booklet, Webinar, and Video. For additional information, contact SURS at 1-800-ASK-SURS or visit SURS.
Please Note: Federal Social Security does not cover University of Illinois employees who are eligible for SURS. Therefore, no Social Security is withheld from your earnings. Please read the Statement Concerning Your Employment in a Job Not Covered by Social Security. If you were hired on or after April 1, 1986, then you are subject to withholding of the Federal Medicare tax, which amounts to 1.45% of Medicare eligible salary.