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SURS consultation

By Terry Savage on August 06, 2022 | Financial Planning / Retirement

Son got job at UIC that offers SURS retirement benefits. Initial sign up is confusing…is there a resource(s) that clear things up. Seems you make a commitment that is unalterable when chosen. Seems unnecessarily restrictive, but that’s the rule. I want to help son make right choice.

Terry Says

Have you gone through the actual Illinois SURS website. It is surprisingly helpful. Start with the section called “New to the Plan” to check the alternatives. There is even a very good interactive comparison tool. And a number to schedule a conference to help with this decision. They can go through the alternatives with him.

I’m not an expert at this plan, so I hesitate to recommend. But if your son is just starting out, I think I would suggest the RSP — retirement savings plan. It’s a lot more like a traditional 40l(k) or 403(b) plan in that he makes the investment choices, and the state matches contributions (vested after 5 years of service).

One thing to remember: SURS participants generally do not get Social Security — so he should be contributing the max possible toward this retirement plan!

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