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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

Take Charge of Your Financial Wellness!

We are pleased to offer you an educational series from a trusted industry leader that will provide you with the information you need to find your own path to financial wellness. 

Prudential Pathways offers practical, down-to earth information that will help you and your family today, tomorrow and beyond. It is designed to give you an understanding of the fundamentals of financial wellness, tips on developing a retirement savings plan, techniques to protect your assests, and strategies to transfer you accumulated wealth to your heirs. 

When: October 9th, 16th, 23rd, and 30th at 5:00-6:30 pm

Where: Mattoon-Charleston Room in the MLK Jr. Union

How to Register: Call (844) 592-8993, email Pathways@Prudential.com or fill in the info box in the link below and fax the completed form to 866-266-4386. 

Financial Wellness Registration Form

Please call the Benefits Office at 217-581-5825 for any questions. 

SURS One-on-one Retirement Counseling-October 4, 2018

SURS will once again be visiting our campus for one-on-one retirement counseling appointments on 10/4/18.  There will be two counselors working from 9:30 – Noon and 1:00 – 4:00.  Rooms allocated for the counseling appointments are the Shelbyville and Sullivan rooms in the MLK Jr. Union.  To schedule an appointment with a SURS counselor please call 1-800-275-7877.

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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