SURS announces Money Purchase factor changes beginning Jan. 2016

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

Posted in HR |

NWS Spotter Training course today, 6:30 p.m.

It might not feel like it, but severe weather season will soon be upon us. March 1-7 is Severe Weather Preparedness Week. LLCC is hosting the National Weather Service Spotter Training class for Sangamon County on this evening at 6:30 p.m. in the Student Union, Menard Hall.

Severe storm spotters are a VITAL part of the warning process and played a critical role in getting timely warnings and information out to the public during the deadly tornado outbreak on Nov. 17, 2013. The NWS in Lincoln, IL provides on-site spotter training classes annually in various locations across central and southeast Illinois between March and early April.

Anyone with an interest is welcome to attend a spotter class. Children (under the age of 18) are welcome to attend; however, they will not be considered official spotters. There is no cost for the training–just 2 to 2.5 hours of your time for the class. The spotter training class is designed for people new to severe storm spotting, as well as those that need refresher training. The training is comprised of all of the information that spotters need to be effective and stay safe.

Community Education offers Midday Yoga class

Community Education is offering Midday Yoga, an eight-week course designed for any interest level. Please wear comfortable clothes, and bring a yoga mat. Class meets Wednesdays, March 25-May 13 from 1-2 p.m. in the Trutter Center and cost is $80. Register through WebAdvisor or call 62292. Course code: CEW 802-01B

In the News

The State Journal-Register and WICS ran stories on the LLCC Board of Trustees meeting Feb. 25 at which trustees voted down a motion to end the LLCC soccer program. Board Chair Justin Reichert was interviewed.

WICS covered the Ag Club’s Farmer’s Share Luncheon Feb. 25, interviewing club member and ag student Cole Baker.

Summer textbook information due in LLCC Bookstore today

A reminder that textbook adoptions are due today to the bookstore. If you have questions, please contact Darlene Krone at ext. 62399 or Cheri Reardon at ext. 64678. Also, please note that submission of textbooks and course material to be used in fall 2015 is due to the bookstore by March 6.

“The Vagina Monologues” performance Saturday at 8 p.m.

A special alumni cast will present a benefit reading of Eve Ensler’s award-winning play “The Vagina Monologues” at 8 p.m. Saturday in the Trutter Center. Tickets are $15 for general admission and $10 for students with ID and may be purchased at the door beginning at 7 p.m. before the performance.

Congratulations to Amber Berman

Aurelia Berman LozziAmber Berman, Student Life program assistant and fiance Tony Lozzi, along with big brother Henry welcomed Aurelia Margaret Lozzi to their family on Tuesday, Feb. 24. Congratulations!