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Retirement Information

Retirement is filled with choices.

First, you need to learn the basics.

As a status university employee, you pay into the State University Retirement System (SURS) instead of Social Security taxes due to the Windfall Elimination Provision. SURS has provided you with many helpful publications to help you better understand what retirement is all about. To learn more about SURS and your retirement, check out the publication, "All About SURS". This publication shares information about the various retirement saving plans, tiers, funding history, state funding, and projections. 

Then, select a retirement savings plan.

As a new employee, you have six months from your first day of employment to select your retirement savings plan. This is a very important decision and once you select a plan, the selection is irrevocable.

As a new hire, you are eligible to choose from three different types of retirement saving plans: traditional, portable, or self-managed. Depending on your plan choice, the employer match varies from 7.6% to 9.1%.

If you do not select a retirement savings plan within the first six months from your first day of employment, you will automatically be placed in the Traditional Benefits Plan. Again, this is irrevocable.  

How do you know what retirement plan is best for you?

If you are having trouble choosing a retirement plan, we encourage you to talk to your financial advisor. SURS has also provided you with many helpful resources including a webinar for Tier II employees.

If you are not sure which tier you are; listed below is a brief description of the two tiers.

Tier I: A member is assigned to Tier I when his or her first participation date with SURS or another eligible Illinois Reciprocal Retirement System is prior to January 1, 2011.

Tier II: A member is assigned to Tier II when his or her first participation date with SURS or another eligible Illinois Reciprocal Retirement System is on or after January 1, 2011.

Two-Tiers Chart

Are you ready for retirement?

If you are eligible to retire within the next four years, you may schedule a one-on-one session with a SURS counselor. To schedule a counseling session, call 1-800-275-7877.

SURS also conducts annual seminars for members considering retirement. These one-day sessions are held in Champaign, IL and cover a broad range of topics.

Check out EIU Retirees Privileges and Services

Helpful Links: All About SURS, Government Pension Offset, EIU Retirees Privileges and Services, Pension Reform, Portable Plan, State University Retirement System (SURS), Self-Managed Plan, Traditional Plan, Tier II Chart Webinar for Tier II, Windfall Elimination,  Provision