In a recent report to the University Council, Sociology Professor Frederick Seymour told council members that the State University Retirement System is “in good health,” noting that SURS investments are diversified and receiving better-than-average returns.

In a response to a concern from some members, Seymour said SURS funds were not part of various pension funds, including some from Illinois, that were involved in leveraged buyouts, as reported in the New York Times. There would be no leverage buyouts of the pension fund in Illinois, he said. “It is a good idea (not to have buyouts) in case of recession.”

In a letter to the Employee’s Advisory Committee of the SURS board of trustees, Executive Director Donald Hoffmeister stated, “(1989) proposals to compound the 3 percent automatic annual increase to retirees and to add a 3 percent compounded automatic annual increase for survivors will be the highest priority.”

Also high in priority was the proposal permitting an employee “to return to part-time employment after a break of 60 calender days and contribute 5 percent of the part-time earnings.” The 5 percent would be matched by that person’s employer.

Another proposal would grant employees who do not use their sick leave additional service credit. In addition, the current lump-sum death benefit would be increased from $2,500 to $5,000.

Some other proposals stated in the memorandum include limiting “sick leave to 15 days times the number of years of direct SURS credit,” and limiting “service credit during layoff to 120 days per year.”