System HR News

Reminder: If you are considering retirement in the next 2 years, remember that the factors table used to calculate SURS retirement benefits under the Money Purchase calculation will change effective July 2, 2019. This change is a result of a study required by state statute. View the resources listed below to determine if you are impacted by this change, and for important considerations if you are thinking about retirement. 

If you are not considering retirement in the next 2 years, or the Money Purchase formula does not impact you, then you may disregard this message.

Does This Impact Me?

The money purchase factors change will NOT affect you, if you are:

• Not yet eligible for retirement
• Already retired
• Participating in the SURS Self-Managed Plan (SMP)
• Retiring under the General Formula calculation
• SURS-eligible on or after July 1, 2005 (i.e., not eligible for the Money Purchase formula)

Resources

• July 2018 System HR Communication
• SURS News
• SURS Fact Sheet
• SURS Money Purchase Factor Change Video
• SURS Recorded Money Purchase Factor Change Webinar
• SURS Benefit Estimator – log on to the Member Website and see how the factor changes may impact you by performing estimates for retirement dates before and after the July 2, 2019 date, and then compare your results.

Contact SURS if you have questions after reviewing the resources listed above.