What is SURS money purchase formula?
The Money Purchase Formula is based on the employee’s normal retirement contributions and interest, and an imputed employer (State of Illinois) contribution. This total dollar amount is then divided by an age annuity conversion factor, determined by the SURS actuary.
How are SURS benefits calculated?
Employee Contributions Because SURS is a contributory system, you must contribute a percentage of your earnings to receive benefits. Your contributions are equal to 8% of your gross earnings, including earnings for overtime and summer sessions.
How does SURS pension work?
SURS offers two Defined Benefit plans: The Traditional Plan allocates 6.50% of your pay to your retirement, 0.50% to an automatic annual increase, and 1.00% to a survivor benefit used in the event of your death.
When can a teacher retire in Illinois?
For new teachers starting out in Illinois, they can retire with their full benefits at age 67 with 10 years of service. Additionally, Illinois allows early retirement once educators reach age 55 and are no longer working.
How do I find my Surs member ID?
To regain your SURS Member ID number: Call us at 800-275-7877 and press 5 or. Check your retirement estimates or any other piece of personalized written communication mailed to you from SURS.
Can I withdraw from my SURS?
If you wish to withdraw your funds from SURS, you must complete a withdrawal form. Depending upon your citizenship status, you may also be required to submit an IRS Form W-9 or W-8BEN. To begin the Separation Refund process: Dial Toll Free: 800-275-7877.
How long does it take to be vested in SURS?
If you first began participation prior to January 1, 2011, you are vested with at least five years of service credit. If you first began participation on or after January 1, 2011, you are vested with at least ten years of service credit.
How do you withdraw from SURS?
What is the average Illinois teacher pension?
Final salaries: The salaries used to determine starting pensions are far higher in Illinois ($110,000) than in any state surveyed. Starting pensions: Illinois’ starting pensions of $81,000 are the highest of any state. Retirement ages: Illinois teachers retire at 59, earlier than in most states.