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Legislative changes in the state’s public pension systems, including the State Universities Retirement System (SURS), will affect University of Illinois employees. As indicated in recent presentations to campus employees by SURS representatives, for retirements on or after July 1, 2014, Money Purchase Factors will use a new Effective Rate of Interest (ERI). See PowerPoint presentation “Pension Reform in a Nutshell” posted January 13, 2014, on the State Universities Annuitants Association (SUAA) website.
Units may initiate HRFE transactions for retiring employees who intend to retire in order to avoid being subject to the July 1, 2014, provisions of pension reform. The information submitted to SURS, both by the employee and by the university, is used to establish the employee’s lifetime annuity and could result in a significant difference for the employee if entered incorrectly. Please note that the last day of work and the retirement date (noted on the SURS application as Annuity Start Date) must be different. Below are several tips to assist you in this effort so that retiring employees who fall into this category are processed under pre-pension reform rules currently in place.
If you have questions or require assistance, units may contact your college/administrative unit HR Office. Otherwise, please contact the HR Service Center at (312) 413-3490 or via the below listserv addresses.
Amira Ghadeer, Deputy Director (Amira@uillinois.edu)
Odell Richmond, Deputy Director (Odell@uillinois.edu)
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