Effective Jan. 4, 2016, the Money Purchase factors will change. The changes to the factors are a result of a recent actuarial experience study which recommended a reduction of the assumed rate of investment return and updated mortality tables to reflect an overall increased life expectancy. An actuarial experience study is required by state statute at least once every five years.
When SURS calculates a retirement benefit, all eligible calculation types are performed and the annuity is based on the calculation that provides the highest benefit. For members retiring on or after Jan. 4, 2016, under the Money Purchase formula, the change in Money Purchase factors will result in an average 6-7% downward adjustment in their monthly annuity. Members can offset the adjustment by delaying retirement by approximately nine (9) months for active participants and 11 months for inactive participants.
The changes to the Money Purchase factors will not affect:
• Current annuitants
• Survivor benefit recipients
• Self-managed plan members
• Members who began participation on or after July 1, 2005
• Member whose benefit is highest under the General Formula calculation
• Members retiring under the Money Purchase formula prior to Jan. 4, 2016
Retirement calculations are unique to each individual member. For this reason, SURS encourages all members who are considering retirement in the next year and who might be affected by the Money Purchase factor changes to log on to their personal account on the SURS Member website and utilize the benefit estimator. By calculating estimates for retirement dates before and after the January 4, 2016, effective date, members can gain a clearer picture of how the factor changes will impact benefits.
For more information, read the Money Purchase Factor Change Fact Sheet or view the Money Purchase Factor Change video, both available at www.surs.org
The Human Resources office is currently advertising for various adjunct instructor vacancies for the fall 2015 semester. Complete information on these positions can be found on the HR Employment website.
Applications are currently being accepted for the police sergeant position through Friday, Feb. 6. This position is being advertised internally only, so only current LLCC employees can apply. Interested employees can view the full position description, qualifications and apply online at https://llcc.peopleadmin.com/postings/761.
Applications are currently being accepted for the police sergeant position. This position is being advertised internally only, so only current LLCC employees can apply. Interested employees can view the full position description, qualifications and apply online at https://llcc.peopleadmin.com/postings/761 by Friday, Feb. 6.
A private lactation room is now available on campus for nursing mothers. It is located in Millennium Center, room 1121. Employees wishing to use the lactation room should contact the Human Resources office for a code to open the door. Students should check with Student Life for the code.
Weight Watchers is once again coming to LLCC with its 12-week At Work Series. WW has extended its current promotion to LLCC employees who join now! Your 12-week membership commitment will earn you a free active link: WW Active Link Promotion. Contact Kim Elder, HR, regarding your interest. More information will follow.
Last week, information was posted in LincIn regarding the LLCC Biggest Loser Contest that starts on Jan. 30. Please click LLCC Biggest Loser Contest for more information. Several members of Cabinet are forming a team and are issuing a Beat Cabinet Biggest Loser Challenge. In this challenge, Cabinet will donate $1 to the LLCC Foundation Pay It Forward fund for every pound that the Biggest Loser participants lose collectively. In addition, for each Biggest Loser team that beats the Cabinet team at the final weigh-in, Cabinet will donate an additional $50 per team. So, get your team together and let’s lose weight and raise some money for the LLCC Foundation in the process! Please contact Kim Elder at 6-2214 or email@example.com by Jan. 28 to register your team.
The Human Resources office is currently advertising for a systems administrator I and an electronics instructor to teach a Workforce Development course. Complete information on these positions can be found on the HR Portal.
If losing weight is your New Year’s resolution, why not do it with a team to support you and the opportunity to win $$$$? Join in on the fun and create a team for the LLCC Biggest Loser contest! Click the link for details: LLCC Biggest Loser Contest. If you would like to participate, contact Kim Elder at 6-2214 or firstname.lastname@example.org by Wednesday, Jan. 28. The initial weigh-in will be on Friday, Jan. 30 anytime from 9 a.m. to 4 p.m. in the Human Resources office.
Employees who are interested in taking the new Student Empower Course (see LincIn notice from 1/6/15), please contact the Human Resources office at 6-2752 to have this course added to your available training. Once the course has been added, you can access the training by clicking the following link:
You will be asked to provide your last name and email address. Once confirmed, it will take you to the main Workplace Answers page. Click on the “Take Your Courses” link found in the Quick Links section on the left-side of the page. The Student Empower Course should be in the list of available courses.
If you supervise student workers, please encourage your student workers to complete the course, though it is not mandatory that they complete it. Student workers will be required to follow the same procedure above to access the course.