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As a status university employee, you pay into the State University Retirement System (SURS) instead of Social Security taxes. Your contribution to your retirement plan is mandatory.

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

Please see the SURS website for additional information on plan specifics.

The SURS estimator can help calculate your service time.

Eastern Illinois University also offers supplemental tax deferred retirement savings plans.

 

Video of SURS On-Campus Presentation

Tier I Retirees (hired prior to January 1, 2011)

 

Should I retire?  Money Purchase Factor Change Fact Sheet (July 2, 2012)

If you are considering retiring in 2012 or 2013, you are encouraged to explore how the money purchase factor change may affect you. 

The new factors will result in a lower monthly benefit payment for those retiring on or after the July 2, 2012 effective date, if their benefit is calculated to be highest using the Money Purchase calculation.

It is estimated that the monthly annuity benefit paid from the Money Purchase will be reduced on average by 7% to 8%, if retirement is deferred until after the new factors take effect. SURS estimates that active participants can recover this monthly reduction by delaying retirement for approximately 10 to 11 months, due to the additional contributions and interest that would be added. Inactive participants would need to delay retirement for approximately 12 to 14 months, since only interest would be added.

Click here for more information.

 

All About SURS Fact Booklet - February 2012

SURS has produced a new fact booklet which shares information about the various retirement plans and tiers, funding history, state funding, and projections.

Following pending legislation here.

 

Northern Illinois University shares Pension Reform website

For updated information on pension reform, NIU has shared their website with other universities.

 

Meeting With a Retirement Counselor

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 and cover a broad range of topics.

 

Social Security and SURS

As a status university employee, you pay into the State University Retirement System instead of Social Security taxes. If you have held previous employment that included Social Security deductions, please visit the Social Security Administration website to learn how the Windfall Elimination Provision works.

 

EIU Retirees Privileges and Services