STATE UNIVERSITIES RETIREMENT SYSTEM P.O. Box 2710 Champaign, IL 61825-2710 Telephone 1 (800) 275-7877 or (217) 378-8800 RETIREMENT CHOICE ELECTION FORM Instructions: Print or type all required information.
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How to fill out the Surs Retirement Choice Election Form online
Filling out the Surs Retirement Choice Election Form online is an essential step for individuals participating in the State Universities Retirement System. This guide will provide you with a clear understanding of the form's components and the steps to complete it effectively.
Follow the steps to complete the form accurately.
- Click ‘Get Form’ button to access and open the Surs Retirement Choice Election Form in your preferred format.
- In Section 1 - Personal Information, enter your full name, the last four digits of your Social Security Number or Member ID, and provide your street address. Indicate your marital status, city, state, and zip code, along with your date of birth, daytime and evening phone numbers, email address, and employer information.
- In Section 2 - Choosing A Plan, you will need to select one retirement plan option. Choose between the Defined Benefit Traditional Benefit Package, Defined Benefit Portable Benefit Package, or Defined Contribution Plan - Self-Managed Plan. Remember, this election is irrevocable.
- If you selected the Self-Managed Plan, fill out Section 4 - Choosing Your Funds. Here, specify the percentage you wish to allocate to each fund listed, ensuring the total equals 100%. Use whole percentages only.
- In Section 3 - Signature, sign and date the form, confirming that you have received and reviewed a copy of the SURS Choice Workbook.
- Once you have completed the form, save any changes, then download, print, or share the form as needed. Make sure to mail the original to the SURS office.
Complete the Surs Retirement Choice Election Form online today to ensure your retirement choices are processed promptly.
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Get answers to your most pressing questions about US Legal Forms API.
How does SURS affect Social Security benefits?
Please be aware that while eligible for SURS, you are not covered by Federal Social Security, and Social Security taxes are not withheld from your university earnings. Read the Statement Concerning Your Employment in a Job Not Covered by Social Security.
How does SURS pension affect Social Security?
Do I also pay Social Security taxes while I am in SURS? Social Security taxes will not be withheld from your SURS earnings. SURS participants are not eligible for Social Security coverage based on their employment with a SURS-covered employer.
What is the required minimum distribution for SURS?
SURS is required by the IRS to withhold federal income tax on cash distributions of $200.00 or more.
When can I retire with SURS Illinois?
Participants in SURS are eligible to retire at the following age and service levels: Age 55 with 8 or more years of service (Benefits are reduced for early retirement if the employee retires under the general formula between ages 55 and 60) Age 62 with 5 or more years of service. Any age with 30 or more years of ...
How much will my Social Security be reduced if I have a pension?
Windfall elimination provision The WEP may apply if you receive both a pension and Social Security benefits. In that case, the WEP can reduce your Social Security payments by up to 50% of your pension amount.
Does state pension count as income for Social Security?
Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes.
How do you get the $16728 Social Security bonus?
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
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.
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