SURS is the administrator of a cost-sharing, multiple employers, public employee retirement system that provides retirement, survivor, disability, and death benefits to employees of Illinois state universities, community colleges, and certain other affiliated organizations and agencies. SURS was created in 1941, by an act of the Illinois General Assembly, and is governed by the Illinois Pension Code (40 ILCS 5/15–101 et seq.). SURS provides benefit services to over 250,000 members who work for 61 employers. The Defined Benefit Plan holds more than $24 billion in a diversified portfolio of stocks, bonds, real estate, and alternative investments. SURS also administers two Defined Contribution Plans–the Retirement Savings Plan (RSP) currently has assets of approximately $4.3 billion and the Supplemental 457(b) Plan has around $67.4 million under management. SURS currently employs approximately 185 staff, located in two offices in Champaign, IL and Naperville, IL. Most SURS employees work from the Champaign offices at 1901 Fox Drive and 1801 Fox Drive. An elected and appointed, eleven-person, Board of Trustees governs SURS. Five members of the board are appointed by the governor of the State of Illinois (one of whom is the chairperson of the Illinois Board of Higher Education). The remaining six members of the Board are elected by participating members (four individuals) and annuitants (two individuals). The governor designates the chairperson of SURS from among the eleven trustees. Trustees serve six-year terms. SURS is funded by participant payroll deductions and annual employer contributions provided by the State of Illinois. By statute, SURS is defined as a “body politic and corporate,” created by Article 15 of the Illinois Pension Code.
