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Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
SURS offers two Defined Benefit plans, and one Defined Contribution plan. All SURS retirement plans are 401(a), non-ERISA plans. A Defined Benefit Plan provides you with a specific, guaranteed amount when you retire.
All SURS retirement plans are 401(a), non-ERISA plans. A Defined Benefit Plan provides you with a specific, guaranteed amount when you retire. The amount you receive is based on a formula which takes into account your years of service and salary history.
SURS is required by the IRS to withhold federal income tax on cash distributions of $200.00 or more.In addition, if you have not yet attained the age of 59, or you are less than age 55 at termination date, your refund may be subject to an IRS early distribution tax of 10% of the taxable portion.
All SURS retirement plans are 401(a), non-ERISA plans. A Defined Benefit Plan provides you with a specific, guaranteed amount when you retire. The amount you receive is based on a formula which takes into account your years of service and salary history.
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The SURS Retirement Savings Plan (RSP) is a defined contribution plan. You and the state of Illinois make contributions to your RSP account on a regular basis. With the RSP, you have choices to match your retirement goals and investment style. Learn More.
Vesting is the minimum length of service needed to qualify for a retirement benefit. You are always 100% vested in the contributions you make, which means the money is yours to keep. You are eligible for a retirement benefit based on your age and length of service for a SURS-covered employer.
Not only do you benefit from deferring income taxes until later, but the money youve socked away in your deferred compensation plan grows tax-deferred as well. This means youre not responsible for paying taxes on your investment growth until distribution.
The State Universities Retirement System (SURS) provides retirement, disability, survivor and death benefits to eligible members. As a new SURS member, you are required to participate in a qualified 401(a)1 retirement plan.
SURS is the retirement administrator for employees in public higher education in the State of Illinois. Participation is mandatory if you are eligible.

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