EIU Benefit Services

Announcements 

Dependent Eligibility Verification Audit

Please be advised that CMS will administer the Dependent Eligibility Verification Audit, also know as DEVA, beginning January through September 2020. 

DEVA FAQs

Deferral Limits will Increase for 2020

The IRS announced that pension limitations governing the 457 plans will increase for 2020 as the increase in the Consumer Price Index was sufficient to meet the statutory thresholds for its adjustment. Therefore, the elective deferral (contribution) limit for employees who participate in deferred compensation will increase to $19,500 which increases the Special Catch-up limit to $39,000. The age 50 catch-up contribution limit will also see an increase from $6,000 to $6,500 making the total contribution limit for those aged 50 and older $26,000 for the 2020 tax year.

Holiday Schedule

A gift day has been approved for December 26, 2019. 

Information Regarding 2019 Holiday Schedule

FREQUENTLY ASKED QUESTIONS ABOUT GIFT DAYS

What is a gift day?

A gift day is a designated paid day that the University may provide to leave benefit eligible employees during the holiday break in December without having to use their own benefit time. A gift day is paid at straight time and does not accrue towards overtime eligibility.

What if it is determined that I am an “essential” employee who must work during the gift day?

Essential employees who are required to work on the gift day may use the gift day on another day within the timeframe identified by the administration and, with supervisor approval. For FY 20, the alternative time-off must be taken by March 31, 2020.

I have requested a sick day for a doctor appointment on a designated gift day. Will I be required to use the gift day?

Yes, unless you are an essential employee, you must use the gift day on that day.

I am scheduled to work on a designated gift day and want to use the gift day on another day. What do I need to do?

You must follow standard protocol with your department for requesting time off and obtain approval from your supervisor.

I am on Family Medical Leave from 12/26 – 1/15 Do I need to use my gift day?

Yes, you are required to use your gift day. The day will be a paid gift day but will still count towards your FMLA leave entitlement.

I am currently on leave, am I eligible for the gift day?

You may be. Please contact Human Resources at benefits@eiu.edu or call 217-581-5825 to discuss your specific situation.

I am a part time employee. Am I eligible for the gift day?

In general, part time employees not accruing benefit time are not eligible to receive the gift day. Please contact Human Resources at benefits@eiu.edu or call 217-581-5825 to discuss your specific situation.

If I call in sick, can I use the gift day?

If the sick day occurs on a designated gift day, the time will be paid as a gift day. If you work on a gift day, and choose to use the gifted day later, you must follow standard protocol for requesting time off, including supervisor approval.

If I am on probation, am I eligible for the gift day?

Yes.

Does the Gift Day expire for essential personnel who work on a designated gift day?

Yes, the gift day used at some other time, must be used no later than a date identified by the administration. For FY20, the last eligible day is March 31, 2020.

I was hired prior to December 31 of the current year to begin work on January 2, 2020. Will I be eligible to receive pay for the gifted day?

No, you must be in pay status and benefit eligible prior to December 26, 2019 to be eligible for the gift day.

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.