SURS definition
Examples of SURS in a sentence
In addition to the salary and benefits provided in Sections A-2 and B-1 listed above, the Board will pay an annual supplemental benefit allowance of $2,300 for the purchase of permanent life insurance, long term care insurance, long term disability insurance, a tax sheltered annuity, or SURS service credit through payroll deduction as designated by the employee.
In addition to the salary and benefits provided in Sections A-2 and B-1 listed above, the Board will pay an annual supplemental benefit allowance of $5,000 for the purchase of permanent life insurance, long term care insurance, long term disability insurance, a tax sheltered annuity, or SURS service credit through payroll deduction as designated by the employee.
The parties further acknowledge that a cost shift from the State to local community colleges of the normal cost of SURS pension contributions could result in a significant and materially adverse impact to the College’s finances.
These days cannot be reported to SURS for extra service credit purposes when the employee leaves the College.
An adjunct employee covered by this Agreement shall participate in and be covered by the benefits of the State Universities Retirement System (SURS).
Pension “cost shift” legislation includes any statutory amendment or revision to the Illinois Pension Code which imposes additional annual SURS pension contributions or costs on the College or employee.
The parties acknowledge the ongoing uncertainty with respect to the State of Illinois and its public employee pension systems, including possible legislative changes that may impact the parties such as a cost shift from the State to local community colleges of the normal cost of SURS pension contributions.
Retired faculty as used herein shall include those retired under SURS or the ▇▇▇▇▇▇ plan as described in Article IX.
The President does not have any right or claim to this amount contributed by the Board on the President's behalf except as it may become available at the time of retirement from SURS.
Both parties acknowledge that the President does not have the option of choosing to receive the contributed amount directly, instead of having such contribution paid by the Board to SURS, and that such contribution is made as a condition of employment to secure the President's future services, knowledge, and experience.