State University Retirement System (SURS) Deductions
The State Universities Retirement System (SURS) covers all permanent status employees (with an appointment of at least 4 months and at least 1% FTE). Each employee contributes 8% of their salary (fire and police employees contribute 9.5%). Employees that contribute to SURS do not contribute to the Old Age Survivor and Death Insurance (OASDI) portion (6.2%) of Social Security. All employees hired after 4-1-1986 are subject to the Medicare portion (1.45%, plus an additional 0.9% for wages in excess of $200,000 in a calendar year) however. The University of Illinois also contributes to the retirement fund for each employee. The amount of the employer's contribution is determined each year dependent on many variables but usually ranges between 8 and 10%. The deduction from the employee's gross pay is pre-tax and will not appear on the W2 form. The W2 form will have the pension plan box marked to indicate participation in SURS.
Employees now have the option of the type of account they have their money deposited into. The three options are the traditional, the portable and the self-managed. All new employees have six months to make their election or they are defaulted to the traditional plan. For more information regarding these plans, you should contact SURS or the Benefits Services for your campus.
Last Updated: March 20, 2013