State Universities Retirement System of Illinois. Memorandum

Transcription

1 State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL ASK SURS (217) (FAX) (217) (C-U) To: SURS Board of Trustees From: Angela Lieb Date: May 31, 2012 Re: Member Services Division Reports Memorandum Claims The summary of claims processed last quarter is attached to this memorandum for your review. During the third quarter of this fiscal year, staff processed over 3,200 total claims, of which 1086 were retirement annuities. Approximately 22% of the retirement claims included either a waiver of excess service credit or excess contribution and 25% included a survivor refund. Lump sum payouts for excess service/contribution waivers, survivor refunds and portable lump sum retirements totaled almost $19.6 million. Historically, SURS experiences a spike in refund requests during the third quarter of the fiscal year as a result of the Benefits Summary Statement mailing conducted each fall. During the third quarter of this fiscal year, SURS processed 1,657 lump sum refund payments. Annually, staff processes an average of 2,800 retirement claims. To date, SURS has received 825 June and 1,322 July retirement applications. Tier II To date, SURS has certified 10,269 Tier II members. Approximately 7,699 members plan election periods have elapsed with 47% defaulting to the Traditional Plan. The breakdown of the other 53% shows the majority (25%) elected the Portable Plan, 17% the Self Managed Plan, and 11% the Traditional Plan. 6% Billings Pursuant to the passage of PA 94 4, if a participant s academic year earnings (used in their final rate of earnings period) exceed the amount of earnings for the previous academic year by more than 6%, SURS is required to bill the employer for the present value of the increase in benefits. Since inception, SURS has sent 1,500 bills totaling over $21.4 million, and received over $5 million in employer payments.

2 WKQCS03S State Universities Retirement System 04/02/12 Quarterly Claims Summary 10:04:39 RETIREMENTS 1086 Traditional % Portable % Average Monthly Annuity $2, Highest Monthly Annuity $21, Lowest Monthly Annuity $25.04 Average Years of Service Average Age 62 General Formula % Money Purchase % Police/Firefighter 0 0% Minimum Annuity 55 5% Other 0 0% Monthly Annuity $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Retirement Annuity Plot Money Purchase General Formula Minimum Police/Fire Average Median $ * Median Benefit $2,151 with years or service Service Credit Reciprocal % Survivor Refunds % 5 Year Retirement Claim History Retirement Claim Process Average Service Credit Total Survivor Refunds $4,510, Average Survivor Refund $16, Highest Survivor Refund $83, Lowest Survivor Refund $93.21 Waivers % Service Credit Waivers 3 1% Count of Annuities Average Age at Retirement Age or Service Total Service Credit Waivers $139, Average Service Credit Waiver $46, Highest Service Credit Waiver $79, Lowest Service Credit Waiver $6, Annuity Amount Retirement Annuity Histogram Contribution Waivers % Total Contribution Waivers $17,421, Average Contribution Waiver $74, Highest Contribution Waiver $1,152, Lowest Contribution Waiver $52.56 Average # Years Waived 1.83 Highest # Years Waived Lowest # Years Waived.07 Count of Annuities Police / Fire Minimum Formula General Formula Money Purchase Cumulative % 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Cumulative % of Annuities LUMP SUM RETIREMENT 23 Annuity Amount Total Lump Sum Benefits $2,039, Highest Lump Sum Benefit $396, Lowest Lump Sum Benefit $6, Average Years of Service Average Age 66

3 WKQCS03S State Universities Retirement System 04/02/12 Quarterly Claims Summary 10:04:39 DISABILITIES 86 DISABILITY/RETIREMENT 6 ALLOWANCE Average Monthly Benefit $1, Average Monthly Benefit $ Highest Monthly Benefit $4, Highest Monthly Benefit $2, Lowest Monthly Benefit $ Lowest Monthly Benefit $ Average Years of Service Average Years of Service Average Age 53 Average Age 61 DEATH AND SURVIVOR 343 Average Death Benefit $19, Average Survivor Benefit $1, Highest Monthly Benefit $5, Lowest Monthly Benefit $59.19 Average Years of Service 2.00 Average Death Age 75 Average Survivor Age 67

4 WKECS04S State Universities Retirement System 04/02/12 Disability Benefit Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 1 Chicago State University Eastern Illinois University Governors State University Illinois State University Northern Illinois University Southern Illinois University - Carbondale Southern Illinois University - Edwardsville University of Illinois - Chicago University of Illinois - Urbana Western Illinois University Black Hawk College City Colleges of Chicago Danville Area Community College Illinois Central College John A Logan College Kishwaukee College Parkland College Prairie State College Disability Claims Totals:

5 WKECS04S State Universities Retirement System 04/02/12 DRA Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 8 Southern Illinois University - Carbondale University of Illinois - Chicago Southwestern Illinois College City Colleges of Chicago Kaskaskia College DRA Claims Totals: 1 5 6

6 WKECS04S State Universities Retirement System 04/02/12 Death And Survivor Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 1 Chicago State University Eastern Illinois University Governors State University Illinois State University Northeastern Illinois University Northern Illinois University Southern Illinois University - Carbondale Southern Illinois University - Edwardsville University of Illinois - Chicago University of Illinois at Springfield University of Illinois - Urbana Western Illinois University Illinois Community College Board State Geological Survey Southwestern Illinois College Black Hawk College City Colleges of Chicago College of DuPage College of Lake County Danville Area Community College Elgin Community College Illinois Central College Illinois Eastern Community College Illinois Valley Community College John A Logan College John Wood Community College Joliet Junior College Kankakee Community College Kaskaskia College Kishwaukee College Lake Land College Lincoln Land Community College Moraine Valley Community College Morton College Oakton Community College Parkland College Prairie State College Rend Lake College Rock Valley College Shawnee College South Suburban College Spoon River College Triton College Waubonsee Community College William Rainey Harper College Death and Survivor Claims Totals:

7 WKECS04S State Universities Retirement System 04/02/12 Lump Sum Retirement Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 2 Eastern Illinois University Southern Illinois University - Edwardsville University of Illinois - Chicago University of Illinois - Urbana Western Illinois University Southwestern Illinois College City Colleges of Chicago College of Lake County Highland Community College Illinois Central College Joliet Junior College Lewis & Clark Community College Moraine Valley Community College Triton College Waubonsee Community College Lump Sum Retirement Claims Totals:

8 WKECS04S State Universities Retirement System 04/02/12 Retirement Annuity Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 1 Chicago State University Eastern Illinois University Governors State University Illinois Mathematics & Science Academy Illinois State University Northeastern Illinois University Northern Illinois University Southern Illinois University - Carbondale Southern Illinois University - Edwardsville University of Illinois - Chicago University of Illinois at Springfield University of Illinois - Urbana Western Illinois University Board of Governors Cooperative Computer Center Illinois Board of Higher Education Illinois Community College Board Southwestern Illinois College Black Hawk College Carl Sandburg College City Colleges of Chicago College of DuPage College of Lake County Danville Area Community College Elgin Community College Heartland Community College Highland Community College Illinois Central College Illinois Eastern Community College Illinois Valley Community College John A Logan College John Wood Community College Joliet Junior College Kankakee Community College Kaskaskia College Kishwaukee College Lake Land College Lewis & Clark Community College Lincoln Land Community College McHenry College Moraine Valley Community College Morton College Oakton Community College Parkland College Prairie State College Rend Lake College Richland Community College Rock Valley College Sauk Valley College Shawnee College South Suburban College Southeastern Illinois College Spoon River College Triton College Waubonsee Community College 3 2 5

9 WKECS04S State Universities Retirement System 04/02/12 Retirement Annuity Claims Approved 10:04:12 AGENCY NAME ACADEMIC NON-ACAD TOTAL 89 William Rainey Harper College CMS-ICN Retirement Claims Totals: ,086

10 UKLM State Univ. Retirement System 4/02/12 Page 1 CLSEP30S Quarterly Payment Report 10:05:10 Refunds From 1/01/2012-3/31/2012 REFUND DOLLARS All Refunds Traditional Portable Refund Total 13,445, ,715, ,729, Lowest Highest 1,185, , ,185, Average Dollars 8, , , Average Service REFUND COUNTS ** END OF REPORT ** Service Credit All Service Credit All All Refunds < 5 Years 5+ Years Traditional < 5 Years 5+ Years Portable Staff Academic Total 1, , % 13 % 81 % 19 %

11 REFUNDS COMPARISON BY QUARTER 2,000 1,800 1,600 1,400 1,200 1, Qtr. 2 Qtr. 3 Qtr. 4 Qtr ,779 1, , , ,657 0

12 Summary of 6% Billings Employer # Billed Paid Disputed Excludable Outstanding Black Hawk 4 $40, $40, $40, Carl Sandburg 3 $9, $9, $9, Chicago State 15 $182, $79, $147, $103, City Colleges 89 $849, $123, $643, $622, CMS ICN 1 $ College of Dupage 117 $2,806, $354, $2,575, $2,444, $ College of Lake County 44 $1,607, $102, $1,574, $1,482, Danville 2 $6, $6, $6, Eastern 55 $1,130, $63, $1,091, $1,067, Elgin 45 $910, $58, $856, $838, Governors State 19 $333, $55, $278, $278, Heartland 11 $114, $3, $106, $106, Highland 7 $66, $11, $55, $55, Board of Higher Ed 4 $26, $2, $24, $11, Illinois Central 14 $60, $34, $1, $1, Comm Coll Trust 1 $1, $1, Illinois Eastern 8 $23, $23, $23, Math&Science Academy 9 $31, $24, $31, $19, Illinois State 60 $566, $322, $258, $230, Illinois Valley 3 $8, $8, $8, John Logan 16 $143, $4, $139, $137, John Wood 7 $45, $40, $14, $4, Joliet 31 $720, $18, $672, $672, $1, Kankakee 19 $113, $8, $105, $105, Kaskaskia 4 $28, $1, $28, $27, Kishwaukee 7 $34, $29, $27, $5, Lake Land 25 $348, $9, $336, $336, Lewis and Clark 6 $18, $13, $7, $4, Lincoln Land 13 $63, $22, $27, $27, McHenry 37 $297, $154, $103, $100, $10, Moraine Valley 22 $193, $26, $166, $166,655.26

13 Morton 5 $30, $20, $2, $2, Northeastern 21 $307, $6, $303, $299, Northern 56 $476, $173, $288, $283, Oakton 28 $134, $27, $106, $105, Parkland 36 $198, $20, $179, $178, Prairie State 8 $97, $3, $94, $94, Rend Lake 3 $ $ $ $ Richland 8 $32, $5, $25, $25, Rock Valley 9 $20, $3, $19, $17, Sauk Valley 4 $58, $36, $56, $22, Shawnee 3 $37, $13, $36, $24, South Suburban 27 $395, $58, $335, $335, Southeastern 9 $38, $18, $20, $19, SIU Carbondale 77 $1,083, $367, $938, $709, SIU Edwardsville 30 $319, $101, $223, $211, Southwestern 29 $643, $643, $643, Spoon River 5 $13, $3, $12, $9, Geological Survey 1 $1, $1, $1, Triton 18 $384, $72, $381, $309, UofI Chicago 120 $1,835, $533, $1,039, $974, $30, UofI Urbana 184 $3,090, $1,655, $1,420, $1,051, $117, UofI Springfield 16 $228, $28, $189, $189, $28, Waubonsee 18 $64, $52, $11, $11, Western 47 $456, $100, $375, $343, William Rainey 40 $718, $143, $504, $488, $21,454, $5,016, $16,573, $15,286, $188,515.85