FAQs
What is a SURS 6% bill?
11/30/2021
Key considerations include:
- Is the employee near retirement and will the potential increase be included in their final rate of earnings (FRE)?
- The 6% rule will only be applied where the monthly benefit is calculated from the participant's final rate of earnings (FRE) who retire under the general formula under the SURS Traditional or Portable Benefit plans. The calculation will not be performed for participants retiring under the "money purchase" option. Only SURS can determine if the general formula or the money purchase option will be used.
- The 6% rule is not applied for participants in the Self-Managed Plan.
- The base amount used for calculating benefit increases is "earnings" as defined under 40 ILCS 5/15-111 of the Pension Code.
