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Only pre-tax IRA funds may be rolled into an employer-sponsored plan. If you have misplaced your username or password, re-register or call SURS at 800-275-7877. Apply for a Disability Retirement Allowance if your disability benefit was terminated due to the 50% earnings limitation, and you are permanently disabled and unable to engage in any substantial gainful activity. Participants may choose to invest pre-tax and/or Roth (after-tax) money in this Plan. If you meet the age requirement, additional contributions can be deferred online at surs.org (click on view/manage my DCP account), or by calling the SURS Defined Contribution Contact Center at 800-613-9543. Your refund is not subject to State of Illinois income tax. If you already have Medicare, your request must also clearly state whether your Medicare coverage should or should not be included in the withdrawal. If your Secure Income Level is greater than 0%, assets will be gradually allocated to the Secure Income Portfolio. The University of Illinois System is the flagship higher education system in the state of Illinois. Therefore, the full fee does not apply until a member is completely invested in that portfolio imme-diately prior to retirement. Add/Update Beneficiaries. Most plans do not allow in-service distributions. Call 800-275-7877 (800- Getting for completing a Request for rollover of whole balance from super benefits between funds (NAT 75359). If you wish to have the funds sent to a financial institution, you must provide SURS with the following information regarding the financial institution: ACH Routing Number (checking and savings accounts only). 1. This information is not legal, financial, or tax advice. After 60 calendar days of disability or the termination of salary or sick leave payments (whichever is later) the employee is entitled to 50% of. Membership in SURS is attained through employment with 61 employing agencies, including public universities, community colleges, and other qualified state agencies. Therefore, your payment will not be retroactive to your last day of work. It provides lifetime retirement benefits and provides for a survivor benefit at no additional cost. If the Disability Retirement Allowance is not approved or is not applicable, the employee must return to work or, if unable or unwilling to do so, the employee must resign or, if eligible, retire. The SURS Board of Trustees is responsible for the selection, retention, monitoring, and termination of the investment options, but considers recommendations from the SURS Investment Committee. You are the owner of the assets in your 457 plan. If you do not pick an age or if age 65 is earlier than your earliest unreduced retirement age, then your NRA is age 65. For example, if you have an account balance in the state of Illinois 457 plan administered by Empower and you are still employed by the SURS-covered employer that you contributed through, you will not be able to roll-over the balance to the SURS DCP. There is market risk, which is the risk that securities may decline in value due to factors affecting the securities markets, as well as longevity risk, which is the possibility that you may outlive your retire-ment savings. Then, from the Account tab, click on Lifetime Income Strategy. However, SURS is not permit-ted to give investment advice to members or their beneficiaries and does not offer specific invest-ment recommendations that take into consideration your personal finances, goals and risk tolerances. Conversely, if the share price of your selected investment rises, you will purchase a fewer number of shares. University 403(b) Plan - System Human Resource Services For questions about your options, contact SURS at 800-613-9543 or TDD 800-579-5708. If you divorce, your spouse is disqualified for survivor benefits. SURS is committed to providing members with informational materials and tools to help members make informed decisions about their retirement plan. Withdrawing Your Social Security Retirement Application | SSA Upon receipt, you should verify that all information is accurate, include any additional required documents, sign the form, have it notarized, and return it to SURS within 45 days. The current year's includable income, as reported on the employee's W-2 tax statement, will reflect this reduction. If you wish to withdraw your funds from SURS, you must complete an Application for Separation Refund. Ultimately, it must be paid by April 1. Service credit is given for periods during which contributions are made or while an employee is receiving disability or workers' compensation benefits. In the Portable and Traditional Benefit Packages, there are two types of benefits that may be paid after your death: Death benefits and Survivor benefits. Certain segments of the market, such as U.S. large-cap equities, tend to be more efficient and have produced a lower probability of generating excess returns when com-pared to less efficient areas such as small- and mid-cap styles. Apply for a Retirement Annuity to begin at any time after you satisfy the service and age requirements for retirement. However, if the plan, as the Contract Holder, requests a full withdrawal of all participant accounts held in the SURS Fixed Account, VRIAC will pay amounts in the SURS Fixed Account, with interest, in five annual payments that will be equal to: One-fifth of the value in the SURS You can establish your deferral amount based on a flat dollar contribution or a percentage of earnings per pay period. You should see a list of statements for each quar-ter. You may need to have a personal interview if you want to terminate Part B. Option 2: The Portable (defined benefit) plan offers retirement annuity and a more lucrative refund if eligible. Income from the SURS Deferred Compensation Plan is not subject to State of Illinois tax when taken as a qualified distribution. You may roll over balances from your former employers 457(b) plan, 401(a) plan, 401(k) plan, 403(b) plan or a Traditional IRA. For more information regarding rollovers, please visit the IRS website (www.irs.gov) or view theSpecial Tax Noticeon this website. State Universities Retirement System (SURS) Funds were selected for the DCP using the philosophy that they should be appropriate for an individ-uals primary retirement account. A 457(b) plan is an employer-sponsored, tax-favored retirement savings account. Available ticker symbols for each mutual fund are given below. For your convenience, you may apply by phone by contacting SURS toll free at 800-275-7877 or dial direct at 378-8800. A retirement annuity is available. Deferred Compensation Plan FAQs - SURS Whether you wish to have the funds paid directly to you or rolled to an eligible retirement account. SURS is required by the IRS to withhold federal income tax on cash distributions of $200.00 or more.In addition, if you have not yet attained the age of 59, or you are less than age 55 at termination date, your refund may be subject to an IRS early distribution tax of 10% of the taxable portion. In exchange for the fee, members will receive guaranteed income for life that can increase with market gains but will not decrease with market declines. You should contact your employer to determine their resignation process and complete any required paperwork. Your employer will deduct the insurance premiums from your paycheck. It is the amount the member can withdraw monthly from the Secure Income Portfolio during retire-ment and the amount the participating insurers will pay the member annually for the remainder of their lifetime (or the remainder of the spouses lifetime, if applicable) if the Secure Income Portfolio account balance is exhausted because the Guaranteed Income Withdrawal Amount depleted the ac-count. Cost of living - latest updates: Energy bill warning for this winter The following general descriptions are highlights only. Bonds: Bonds are basically loans in which the borrower agrees to pay back principal, plus interest (income), by a certain time. You will continue to earn service credit for retirement and will be protected for survivor insurance benefits while receiving disability benefits from SURS. Outside U.S. Employees . The SURS Lifetime Income Strategy is designed to help members meet basic income needs in retirement. Retirees and annuitants receive $5000 of state-paid life insurance. Because of this, historical returns will begin with the inception of this product on September 1, 2020. An employee with more than 5 but less than 8 years of service credit may retire no earlier than age 62. It is a flexible, target date portfolio that automatically adjusts its asset allocation based on your age, target retirement date, and selected secure income level. This payment must be made to you, either as a lump sum distribution or a monthly annuity, whichever you qualify for, with federal income tax withheld. Because the in-vestment options on the core fund lineup can change periodically, it is best to access the most up- to-date information through your DCP online account at surs.org. Office of the Comptroller of Currency (OCC), IRS, and DOL. When you are approximately 15 years away from retirement and if you are vested, you will gradually begin investing a portion of your current and future balances into the Secure Income Port-folio. For calendar year 2023, the maximum is $22,500. The growth of that money from rising financial markets. In the fourth month, SURS will contact CMS to see if there are any discrepancies on your account (under or overpayments). PDF Surs Lifetime Income Strategy Mutual funds are typically accompanied by a ticker symbol, so investors are able to search for more information about the securitys holdings and other characteristics. Additionally, CITs are not available for retail investors and are typically restricted from distributing fund information to the public. In order to cover expenses of the Plan, participants are also assessed an annual fee of $30 per year. If your employment terminates prior to your death and you had established 5 years of service credit, the death benefit is the current value of employee and employer accumulations. Approximately 15 years prior to the default retirement age of 65, you will automatically start securing guaranteed income for life that you are able to receive when you retire. In addition, the recordkeeper (Voya) will also monitor your total contributions to the SURS DCP, including your contributions through payroll deduction and any employer contributions. Separation Refund - SURS SURS Traditional Benefit Plan This is the historical SURS defined benefit retire-ment plan. Money Purchase Formula. Generally, the 6% rule will apply to all employees eligible to receive a retirement benefit from SURS and who retire under the SURS general formula. When you enroll in the LIS, you will be placed in a target date portfolio that automati-cally adjusts as you age to become more conservative. Contributions to the plan began March 1. Participation is mandatory if you are eligible. SURS provides disability benefits, retirement annuity benefits, survivors insurance, early retirement benefit and the tax sheltering of an 8% employee contribution.

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