TITLE 80: PUBLIC OFFICIALS AND EMPLOYEES
SUBTITLE D: RETIREMENT SYSTEMS
CHAPTER II: STATE UNIVERSITIES RETIREMENT SYSTEM
PART 1600 UNIVERSITIES RETIREMENT
SECTION 1600.100 DEFINITIONS


 

Section 1600.100 Definitions

 

Certain terms used frequently throughout this Part are defined in this Section. Unless the context requires a different meaning, other terms used in this Part shall be defined and interpreted in accordance with Article 15 of the Illinois Pension Code [40 ILCS 5/Art. 15]. The definition of a term under a specific Section or Subpart shall supercede, for the purposes of that Section or Subpart, this Section.

 

"Annuitant" − A person receiving a retirement, reversionary, survivors or beneficiary annuity or disability retirement annuity from the System. [40 ILCS 5/15-119]

 

"Annuity Payment Period" The period beginning on the date specified by the participant or the recipient of a disability retirement annuity submitting a written application, which shall not be prior to termination of employment or more than one year before the application is received by the Board; however, if the participant is not an employee of an employer participating in SURS or in a participating system as defined in Article 20 of the Code on April 1 of the calendar year next following the calendar year in which the participant attains age 70, the annuity payment period shall begin on that date regardless of whether an application has been filed. [40 ILCS 5/15-135(b)]

 

"Board" − The Board of Trustees of the State Universities Retirement System as constituted under Section 15-159 of the Code.

 

"Chairperson" The chairperson of the Board.

 

"Claims Panel" − The quasi-adjudicative body constituted under the Board's bylaws that hears all administrative contested matters as fiduciaries pursuant to Section 1600.500.

 

"Code" or "Pension Code" − The Illinois Pension Code [40 ILCS 5].

 

"Effective Rate of Interest" − The interest rate for all or any part of a fiscal year that is determined by the Board based on factors including the System's past and expected investment experience; historical and expected fluctuations in the market value of investments; the desirability of minimizing volatility in the effective rate of interest from year to year; and the provision of reserves for anticipated losses upon sales, redemptions, or other disposition of investments and for variations in interest experience. [40 ILCS 5/15-125(2)] See Section 15-125(2) of the Code for the effective rate of interest set by the State Comptroller for purposes of Rule 2 of Section 15-136(a) of the Code (i.e., the Money Purchase Formula).

 

"Employee" − A person defined as an "employee" under Section 15-107 of the Code.

 

"Employer" − An entity defined as an "employer" under Section 15-106 of the Code.

 

"Executive Director" − The chief administrative officer of SURS, appointed by the Board.

 

"FOIA" − Freedom of Information Act [5 ILCS 140].

 

"General Counsel" − In-house legal counsel for SURS.

 

"IRS" − Internal Revenue Service of the U.S. Department of the Treasury.

 

"IRC" − Internal Revenue Code of 1986, as amended (26 USC 1 et seq.).

 

"Member" − A SURS participant or annuitant.

 

"Participant" − A person participating in SURS under Section 15-134 of the Code.

 

"Participating Employee" − A participant who at the time is an employee under Section 15-107 of the Code.

 

"Prescribed Rate of Interest" − The rate of interest to be used in actuarial valuation and in development of actuarial tables. The prescribed rate of interest is determined by the Board on the basis of the probable average effective rate of interest on a long term basis. [40 ILCS 5/15-125(1)]

 

"Principal Office of SURS" − State Universities Retirement System, 1901 Fox Drive, Champaign IL 61820.

 

"SURS" or "System" − State Universities Retirement System created by Article 15 of the Code [40 ILCS 5/Art. 15].

 

"Tier 1 Member" A SURS participant or annuitant defined under Section 15-108.1 of the Code.

 

"Tier 2 Member" A SURS participant or annuitant defined under Section 15-108.2 of the Code.

 

"USERRA" Uniformed Services Employment and Reemployment Rights Act of 1994 (38 USC 4301 et seq.).

 

(Source: Amended at 38 Ill. Reg. 16375, effective July 17, 2014)