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EIU Benefit Services

Welcome to Benefit Services 

Here you can explore all your benefit options as an Eastern Illinois University employee. Our employees are provided with a vast array of benefits including: group health, dental, vision, life insurance, disability, retirement, supplemental retirement plans, and tuition waivers!

We encourage our employees to be in control of their benefits. Employees can sign up and access their benefits at MyBenefits.

As the Benefits Staff, we are committed to providing excellent service to our employees. If you have any questions, please contact us via email at benefits@eiu.edu or call 217-581-5825 and we will be more than happy to assist you.   


 

Announcements

Lunch and Learn-What's in Your Lunch?

Please join us on Wednesday, Oct. 24th for a lunch and learn called "What's in Your Lunch?". Graduate students will be going over the components of a healthy lunch and snacks, discuss how to make meal prep easy, and three balanced recipes that are quick to make! The session will be from 12-12:45 in Room 1439, Klem Hall. Feel free to bring your lunch!

TIAA Highlights

TIAA offers ongoing webinars on a variety of financial themes. This quarter's special topics include:

October 23: Tax Reform

November 15: A View from D.C.-What the midterm Results Mean for 2019

December 4: Making Gifts to Loved Ones and Charities

Learn more about these and other upcoming webinars at TIAA.org/webinars

TIAA-CREF Representative on Campus

TIAA-CREF representative, Chris Stephens, will be on campus Wednesday, November 28th, 2018 in the Sullivan Room of the MLK, Jr. Union.  TIAA-CREF is an EIU-approved tax shelter annuity provider who can assist employees with financial and supplemental retirement planning.  To schedule an appointment, please call (800) 732-8353.

SOCKTOBER!

EIU's Civic Engagement and Volunterrism is collecting new sock during the month of October. The socks are given to over 2,500 local children who participate in One Stop Community Christmas.

Donation drop offs:

  1. Civic Engagement and Volunteerism Office in the MLK Union, Room 3065
  2. Outside the HR Office in Old Main, Room 2020
  3. Bring socks to the homecoming parage to be picked up 

Save Up to $10 on Tickets to Happy Halloween Weekends at Holiday World!

EIU employees receive exclusive discounts on tickets to Holiday World's Happy Halloween Weekends! This family-friendly event includes favorite roller coasters, rides, funhouses, corn mazes, themed musical and magic shows, plus seasonal treats, and much more!

How: Visit HolidayWorld.com/FunClub to save up to $10 on tickets with our online Pick Your Price discounts using the username: Holiday730 and password: World730

The SURS Board of Trustees recently set the effective date for changes to the Money Purchase factors as July 2, 2019.

The changes to the factors are a result of a recent actuarial experience study* which recommended a reduction of the assumed rate of investment return and updated mortality tables to reflect an overall increased life expectancy. An actuarial experience study is required by state statute at least once every three years.

The board voted in March to reduce the long-term assumed rate of investment return from 7.25 percent to 6.75 percent. This rate impacts money purchase factors used in calculating retirement benefits

When SURS calculates a retirement benefit, all eligible calculation types are performed and the annuity is based on the calculation that provides the highest benefit. For members retiring on or after July 2, 2019, under the Money Purchase formula, the change in Money Purchase factors will result in an average five to six percent downward adjustment in their monthly annuity. Members can offset the adjustment by delaying retirement by approximately six to seven months for active participants and nine months for inactive participants.

The changes to the Money Purchase factors will not affect:

  • Current annuitants
  • Survivor benefit recipients
  • Self-Managed Plan members
  • Members who began participation on or after July 1, 2005
  • Members whose benefit is highest under the General Formula calculation

Retirement calculations are unique to each individual member. For this reason, SURS encourages all members who are considering retirement in the next two years and who might be affected by the Money Purchase factor changes to log in to their personal account on the SURS Member Website and utilize the benefit estimator. By calculating estimates for retirement dates before and after the July 2, 2019, effective date, members can gain a clearer picture of how the factor changes could impact benefits.

For more information, read the Money Purchase Factor Change Fact Sheet or view the Money Purchase Factor Video at www.surs.org.

*The purpose of an actuarial experience study is to review the actual experience of the system in relation to the current actuarial assumptions to determine which, if any, of the assumptions need modification to provide better estimates of future liability and asset growth for the System.

Related Pages

Contact Information

Benefits Office

Old Main Room 2020
600 Lincoln Avenue
Charleston IL, 61920

217-581-5825
Fax: 217-581-3614
benefits@eiu.edu


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