State Universities Retirement System (SURS)
Defined Contribution Plan: Self-Managed Plan
A Defined Contribution Plan is a retirement plan where the amount you receive at retirement is based on the amount of money that you have contributed to the plan and the earnings on that money, over time. Because you are solely responsible for the investment risk, there is no guaranteed payout at retirement.
You decide how to invest your contributions and earnings, using one or more of the investment funds the plan offers. If your investments do well, your account will flourish. If your investments do poorly, your account will diminish. In other words, you bear all the investment risk. Your entire 8% contribution is allocated to your retirement account balance. The University also contributes an additional 7.6% of your earnings to your account. Of that contribution, 7.1% is added to your retirement account balance and the remaining 0.5% is used to fund your disability benefit.
If you select the SURS Self-Managed Plan (Defined Contribution option), your investment company choices include Fidelity Investments or
An employee who first becomes a SURS member (or other eligible Illinois reciprocal system) on or after 1/1/2011 is considered a Tier 2 member; however if the SMP Plan is selected you are not affected by the SURS pension changes effective 1/1/2011. Please view the SURS summary chart for an overview of the benefits and you may also view the SURS Plan Choice Video. For additional information, contact SURS at 1-800-ASK-SURS or visit the SURS
Please Note: Federal Social Security does not cover University of Illinois employees eligible for SURS. Therefore, no Social Security taxes are withheld from earnings. However, persons hired on or after April 1, 1986, are subject to withholding of the Federal Medicare tax, which amounts to 1.45% of Medicare eligible salary. For further information, please read the Statement Concerning Your Employment in a Job Not Covered by Social Security.