Published on February 28th, 2014 | by editor1
SURS Presentation Scheduled for March 27
The new Illinois Pension Reform Law (PA 98-599) signed by Governor Quinn on December 5, 2013 will go into effect on June 1, 2014. As a City Colleges of Chicago employee, you are likely a member of SURS and these changes may affect your pension.
A State Universities Retirement System (SURS) retirement counselor will be on-site at every City Colleges of Chicago location in March to present an overview of the Illinois Pension Reform Law and answer any questions you may have about the changes to SURS benefits based on this new law.
This presentation will be most beneficial for SURS Tier I members (those who entered SURS or another reciprocal system prior to 1/1/2011), but all CCC employees are encouraged to attend.
Items discussed will include:
- Employee Contributions
- Retirement Age Eligibility
- Maximum Pensionable Earnings Cap
- Effective Rate of Interest
- Money Purchase Actuarial Changes
- Automatic Annual Increase (AAI)
- New Defined Contribution Plan
- Funding Changes
The SURS presentation at Wright College is scheduled for Thursday, March 27, form 2-3:30 pm in the Events Building Theater.
Please contact SURS at (800) 275-7877 or go to www.surs.org if you have questions or concerns.