Purchase Service Credit SURS
The State Universities Retirement System (SURS) statutes allow for the purchase of eligible service credit. In the past, SURS members were limited to using after-tax dollars or a rollover from a qualified plan to purchase this credit. This method allows Eastern Illinois University to withhold contributions from your salary on a before-tax basis. In addition to the tax benefits, this will give you the option of budgeting for smaller monthly payments in lieu of making one large lump-sum payment.
How to Enroll
Call SURS at 1-800-275-7877 or 217-378-8800 (Champaign-Urbana area). SURS will send you a letter summarizing the various payment options from which you may choose. The options will be based on the following:
- The quarter you wish the deductions to begin.
- The length of the contract.
- The total amount of service you may purchase.
Once you decide on your specific payroll options, you will complete and return the “summary letter." Your choice must allow your contract to be completed prior to retirement.
Upon receipt of the summary letter, SURS will send you the contract based on your selection. Both you and the authorized employer representative must sign and return the contract to a SURS office by the deadline stated in the document. Upon receipt of the signed contract, SURS will notify your employer to
begin payroll deductions. SURS will send you a letter confirming receipt of your valid contract.
Purchasing service credit is a SURS PROCESS. The EIU Benefits Office only verifies work history for SURS.
The information contained in this notice is provided as a source of information and does not constitute legal, tax, or other professional advice. If you need additional legal or tax assistance, please consult a professional adviser.