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 run by the state. … In 1998, SURS began allowing its new workers to opt into self-managed retirement plans.
In this way, is Surs a government pension?
Unlike many other public pension systems, SURS is the sole source of retirement income for its participants. The state/employer does not contribute to Social Security on the employee’s behalf, and there is no coordinated benefit for SURS-covered employment from Social Security upon retirement.
SURS offers two Defined Benefit plans, and one Defined Contribution plan. All SURS retirement plans are 401(a), non-ERISA plans.
Subsequently, is Surs better than Social Security?
If you worked in previous positions and Social Security was deducted from your pay, you do not lose those quarters of Social Security earnings. However, when you work for an employer such as SIUE, who doesn’t withhold Social Security taxes from your salary, your SURS pension can reduce your Social Security benefits.
How much will I need in retirement?
Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.
What is a Surs annuitant?
Rehiring Retirees/Affected Annuitants
Definition of an Affected Annuitant: Sec 15-119 of the Illinois Pension Code defines annuitant as “A person receiving a retirement, reversionary, survivors or beneficiary annuity or disability retirement annuity from this System.”