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State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 1-800-ASK SURS (217) 378-9800 (FAX) (217) 378-8800 (C-U).

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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.

Today, more than 13 percent of all active employees in the State Universities Retirement System, or SURS, participate in a 401(k)-style plan instead of a traditional pension plan... ... In 1998, SURS began allowing its new workers to opt into self-managed retirement plans.

The SURS Portable plan is a Defined Benefit retirement plan that has much in common with the Traditional plan. However, it provides a more generous separation refund when participants leave the system. The provisions for survivor benefits require a reduction to the retirement and death benefits.

A government-worker pension in Illinois is a defined-benefit, or DB, retirement plan under which employees are supposed to receive annual benefits during retirement. ... In exchange for these contributions, the pension fund promises a guaranteed amount of money every year to the employee for life once he or she retires.

Plan Options & SummarySURS offers two Defined Benefit plans, and one Defined Contribution plan. All SURS retirement plans are 401(a), non-ERISA plans. A Defined Benefit Plan provides you with a specific, guaranteed amount when you retire.

The SURS Portable plan is a Defined Benefit retirement plan that has much in common with the Traditional plan. However, it provides a more generous separation refund when participants leave the system. The provisions for survivor benefits require a reduction to the retirement and death benefits.

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.

Generally, SURS will accept an eligible rollover distribution from a qualified 401(a) plan, a conduit IRA, a traditional IRA (non-Roth), a 403(b) tax-sheltered plan, and a governmental section 457 plan. Click here to view further information about purchasing service credit.

Yes, all or part of the payment that you will receive from your SURS account may be eligible for rollover by you or your Plan Administrator (SURS or your Self-Managed Plan (SMP) Service Providers) to a Traditional IRA or other eligible employer plan.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232