Click here to view, download, print meeting notes from GSU SUAA’s 9/21/17 meeting. (pdf file)
The State Universities Retirement System (SURS) will hold a board election during April 2018 to fill three expiring trustee positions. All active SURS members and annuitants are encouraged to consider running for a trustee position.
An impartial election services company will conduct the election. Candidate packets and petition forms are available now from firstname.lastname@example.org for information. Completed petitions will be due to SURS on Jan. 31, 2018.
The SURS Board of Trustees consists of 11 trustees: five appointed by the governor including the chairperson who also serves as the chair of the Illinois Board of Higher Education, four active members elected by SURS active members, and two annuitants elected by the annuitants of the System.
Two active board member terms and one annuitant (retired) board member term will expire in June 2018. Dorinda Miller, Steven Rock and John Engstrom currently hold the seats, respectively.
The voting period will be April 2 through May 1, 2018, with results to be announced on May 4, 2018.
Active member candidates are nominated by petitions in writing, signed by no less than 400 participants. Annuitant candidates are also nominated by petitions in writing, signed by no less than 100 annuitants. All candidates must also complete an application.
All eligible SURS members will receive a ballot along with candidate information prior to April 2, 2018. Members will be able to vote by returning a paper ballot in a postage-paid envelope, by phone or online. Voting will be handled directly through the election services company.
Inactive members may sign candidate petitions for active-member positions but inactive members are not eligible to vote.
The SURS Board of Trustees meets quarterly, with additional committee meetings scheduled throughout the year. Trustees are also required to meet certain annual ethics, legislative and fiduciary training requirements as well as complete eight hours of educational conferences on investments and public pension administration.
Elected trustees serve six-year terms.
Election season is beginning and there will be some contested races in Illinois. SUAA can express our needs to legislators through lobbying, but SUAA cannot donate money to candidates for office.
There is a related organization, SUAAction, that is a political action committee. SUAA and SUAAction are nonpartisan organizations. SUAAction donates to both Republicans and Democrats. It looks for candidates that will support the issues so important to us as members of SUAA.
Please consider making a donation to SUAAction. Donations can be made at http://www.suaa.org/suaaction
Thank you for your continued membership in SUAA.
GSU SUAA Board
What is the predicted stability of SURS in 20-25 years?
What is the impact of the economy and State payments on the SURS fund?
Thursday, October 26
Martin Noven, Executive Director,
State Universities Retirement System (SURS)
RSVP to email@example.com
There will be a short question & answer period, following Mr. Noven’s presentation.
Since the forum is at noon, feel free to bring a sack lunch.
The 2017 SUAA Fall Meeting Registration is now open!
Tuesday, October 24th, 2017
**Early Bird Registration Ends Tuesday, October 17th**
Illinois State University Alumni Center
1101 North Main Street
Foundation Meeting 9 a.m.
General Session 10 a.m. (more information coming soon)
Member (Includes Lunch) – $60.00
Member & Guest (Includes Lunch) – $120.00
Free Parking on site.
Linda L Brookhart
State Universities Annuitants Association
To all members:
The information on Tier III below is from the Center for Tax and Budget Accountability.
The article and link to CTBA’s Issue Brief may be of interest to you.
New Details on Illinois’ “Tier 3” Pension Plan
September 27, 2017
Illinois’ fiscal year 2018 budget introduced major changes to the state’s public pension systems in an attempt to grapple with Illinois’ roughly $130 billion in unfunded liabilities. One of the most important aspects of these changes was a new package of benefits. This new package, called “Tier 3,” introduced a hybrid defined benefit-defined contribution plan in addition to the defined benefit plans of Tier 1 and Tier 2.
This month, the State Universities Retirement System (SURS) released the first long-term actuarial analysis of the effects of Tier 3 and other changes contained in the FY2018 budget.
- The “normal cost” of Tier 3’s defined benefit plan-that is, the cost of funding the benefits earned by current employees in a given year-will be higher than many observers expected. As a result, public employers-in this case, public universities and colleges-will be required to make larger payments on behalf of their Tier 3 employees.
- The larger normal cost also means that Tier 3 employees will pay the maximum 6.2 percent of their income towards the defined benefit portion of their retirement benefits. When added to the 4 percent of income they will pay towards the defined contribution portion of their retirement benefits, that means Tier 3 employees will pay 10.2 percent of their income in pension contributions-significantly more than the 8 percent current SURS workers pay.
- Contrary to some reports, which concluded that because Tier 3 will not be implemented in FY2018 it will not be able to produce any savings in this fiscal year, SURS still projects $61 million FY2018 savings from Tier 3. Over the long run, however, the pension changes made in the FY2018 budget do not meaningfully reduce the state’s projected pension payments.
For more information, contact CTBA’s Executive Director, Ralph Martire, at (312) 332-1049 or by email at firstname.lastname@example.org, or Research Director Daniel Hertz, at (312) 332-1481, or email@example.com.