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 |

SURS Update: Money Purchase Factor Change

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 |

Lactation room now available on campus

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.

Posted in HR |

Beat Cabinet Biggest Loser Challenge

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 kim.elder@llcc.edu by Jan. 28 to register your team.

Posted in HR |

Position vacancies announced

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.

Posted in HR |