NEIUPI

If you are planning to retire within the next five years and are making that decision using the Money Purchase calculation option, please be aware of a significant change that will become effective this July. A description of the change and how it may affect your retirement plans appears below. Similar information was sent last semester when we learned of these changes and a SURS rep visited campus. If you retire before July 2012, your annuity will not be reduced but if you plan to retire after that date and within the next five years be sure to read the information below.

New Money Purchase Factors Effective Date Set

At its meeting on June 10, 2011, the SURS Board of Trustees set the effective date of the Money Purchase factor changes as July 2, 2012.The changes to the Money Purchase factors are a result of a recent actuarial experience study which recommended a reduction of the assumed rate of investment return and updated the mortality tables due to increased life expectancy.

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 individuals retiring after July 2, 2012, the change in Money Purchase factors will result in an approximately 8 percent downward adjustment in the annuity if the Money Purchase calculation is higher than the General Formula calculation.

Members can offset the adjustment by delaying retirement by approximately 10 to 11 months for active participants and 12 to 14 months for inactive participants.

The changes to the Money Purchase factors will not affect:

• Current annuitants

• Self-Managed Plan members

• Members who began participation on or after July 1, 2005

• Members whose benefit is highest under
the General Formula calculation

• Members who are more than five years away from retirement

Retirement calculations are unique to each individual member.

For this reason, SURS encourages all members who might be affected by the Money Purchase factor changes to log on to their account on the SURS Member Website.You can gain a clearer picture of how the factor changes will impact your benefits by performing estimates for retirement dates before and after the July 2, 2012, effective date and then comparing the results.

For more information, visit www.surs.org and click on the Videos tab to access an informational video about the Money Purchase factor changes.

from SURS Advocate, December 2011

Sick Leave enrollment period ends this Friday, Nov. 11

Sick Leave Bank. The open enrollment period ends at the close of business on Nov. 11, 2011. Don’t miss the opportunity to access this negotiated benefit. Print out and complete the enrollment form and send it to Human Resources to be processed. Your enrollment form must be received by Friday, Nov. 11.

The sick leave bank FAQ is attached, should you have any questions about the process. Additional questions about the bank can be sent to Steve Frankel (s-frankel@neiu.edu) or me.

Sick Leave Bank. The open enrollment period for the UPI Sick Leave Bank begins today and ends at the close of business on Nov. 11, 2011. Complete the enrollment form and send it to Human Resources to be processed. Should you have any questions about the process, please read the Sick Leave Bank FAQ. Additional questions about the bank can be sent to Steve Frankel (s-frankel@neiu.edu) or me.

Reporting Sick Leave. Several members have noted that it is difficult to locate the forms used to report sick leave. I’ve attached the forms to be used by faculty (Teaching & Resource Professionals, Instructors and Academic Resource Professionals) and by Academic Support Professionals. If you have questions about when to report leave, please consult your chair, supervisor, Allen Shub (contract administrator) or me.

The open enrollment period for the UPI Sick Leave Bank begins on Oct. 31 and ends on Nov. 11. To learn about the UPI Sick Leave Bank read the FAQ document attached to this email. Sign up forms will be available at the membership meetings this week. Dates, times and locations are listed below. Sign up forms and the FAQ document will be posted on the NEIU UPI website after the membership meetings.

Tuesday, Oct 25 at 3-4 pm in LWH 1001
Wednesday, Oct 26 at 3:15 to 4:15 in Lower Level Library Classroom
Thursday, Oct 27 at 4:30 to 5:30 in Lower Level Library Classroom

Please find a message from Ellie Sullivan, President of UPI Local 4100, about the status of the pension reform bill. Following that message I’ve included a statement from Mike Madigan. Bottom line…there will be a delay but our pensions remain a target.

Thanks to all our members who sent messages to our legislators on pensions and healthcare. Our legislators appear to have heard us. Once again we have proved that collectively we do have a voice which must be heard. I also want to particularly commend the IFT for their work as part of “We are one” and for crafting a clear message which provided the factual information we needed to defeat this bill. I also want to thank John Miller particularly who has worked vigilantly on these legislative issues. Working with IFT, (and Nick Yelverton specifically,) to craft our message, John worked long, hard and successfully to avoid some terrible outcomes. Thanks to them and to all our membership which contributed to our success and proved that indeed “We ARE One”. Thanks again. Until the next battle – and there will be next battles – kudos to all.

Ellie Sullivan
President
University Professionals of Illinois
Local 4100, AFT, IFT, AFL-CIO
Phone: 312-663-5916
Fax: 312-663-3833
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From Madigan:

Illinois General Assembly
May 30, 2011

STATEMENT REGARDING PENSION REFORM
We are absolutely committed to reforming Illinois’ public pension system for current employees. It must be done to stabilize our systems and address long term financial issues for both the public employee pension systems and state government.

We believe passage of legislation addressing this issue is essential to the state’s well being.

It was made very clear during the May 26th hearing in the Personnel and Pensions Committee that both those who support pension reform and those who are opposed to Senate Bill 512 acknowledge we have a problem and something must be done.

Our goal is to enact reforms to our pension systems that provide a long term solution for both those who are members of the pension systems and those who fund them.

We will convene meetings over the summer to address the issues and concerns that have been raised and work toward a solution in this year’s Fall Veto Session.

-Illinois House Speaker Michael J. Madigan
-Illinois House Republican Leader Tom Cross
-Tyrone Fahner, President, Civic Committee of the Commercial Club of Chicago