20
20
ANNUAL FINANCIAL
REPORT SUMMARY
Board of Trustees .................................................................................................................................................. 1
Organizational Chart ............................................................................................................................................2
Executive Team ......................................................................................................................................................2
Awards & Recognition ..........................................................................................................................................2
Membership ...........................................................................................................................................................3
Defined Benefit Plan
β Breakdown of Membership
β Number of Benefit Recipients β Five-Year Summary
β Average Annuity Payments for Retirees
Defined Contribution Plan
β Breakdown of Membership
β Participating Employers
Customer Service ..................................................................................................................................................4
Mission
Initiatives
Customer Service Statistics
Number of SURS Employees
Financial ..................................................................................................................................................................5
Highlights
Analysis
Condensed Statement of Plan Net Position
Condensed Statement of Changes in Plan Net Position
Funding ...................................................................................................................................................................6
Schedule of Employer Contributions
Historic Funding Ratios
Investments ............................................................................................................................................................7
Investment Policy
Policy Portfolio
Investment Objectives
Fiscal Year Investment Results
Long-Term Investment Results
Self-Managed Plan Assets
Employers ...............................................................................................................................................................8
Breakdown of Participating Employers
Employer List
Profile
SURS is the administrator of a cost-sharing, multiple-employer public employee retirement system
established July 21, 1941, to provide retirement annuities and other benefits for employees, survivors and
other beneficiaries of those employees of the state universities, community colleges, and certain other state
educational and scientific agencies. SURS services 61 employers and approximately 241,000 members and
annuitants. The plans administered by SURS include a defined benefit plan established in 1941 and a defined
contribution plan established in 1998.
SURS is governed by an 11-member board of trustees. Four trustees are elected by active SURS members,
two trustees are elected by retired SURS members, and five trustees are appointed by the governor of Illinois
(one of whom is the chairperson of the Illinois Board of Higher Education). The governor designates the
board chairperson from among the 11 trustees. All appointed trustees must be approved by the Illinois Senate.
Trustees serve six-year terms.
TABLE OF CONTENTS
SURS ANNUAL REPORT 2020
1
Mitchell Vogel
Elected
Jamie-Clare Flaherty
Appointed
Scott Hendrie
Appointed
John Atkinson
Chairperson
Appointed
Steven Rock
Elected
Antonio Vasquez
Elected
Collin Van Meter
Vice Chairperson
Elected
John Lyons
Treasurer
Appointed
Aaron Ammons
Elected
Richard Figueroa
Appointed
J. Fred Giertz
Elected
BOARD OF TRUSTEES
SURS ANNUAL REPORT 2020
2
Excellence in Financial Reporting Award
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to SURS for its FY 2019
financial report. It was the 36th consecutive year the System has earned the award. To be awarded
the certificate, a governmental unit must publish an easily readable and efficiently organized
comprehensive annual financial report whose contents conform to program standards. The report
must satisfy both generally accepted accounting principles and applicable legal requirements.
The Public Pension Coordinating Council (PPCC), a coalition
of three national associations that represents more than
500 of the largest pension plans in the U.S., awarded
SURS the Public Pension Standards Award for Funding and
Administration. Public Pension Standards are a benchmark
to measure public defined benefit plans in the areas of
retirement system management, administration and funding.
Awards & Recognition
Executive Director ...............................................................................Martin Noven
Chief Investment Oξcer ..................................................................Doug Wesley
General Counsel ..................................................................................Bianca Green
Chief Technology Oξcer ..................................................................Jeξerey Saiger
Chief Financial Oξcer ....................................................................... Tara Myers
Chief Beneο¬ts Oξcer ........................................................................Suzanne Mayer
Chief Human Resources Oξcer ..................................................... Brenda Dunn
Chief Internal Auditor ........................................................................Jacqueline Hohn
SURS Board of Trustees
Outside
Legal Counsel
Executive
Director
Actuarial
Consultant
External
Auditors
General
Counsel
Chief Technology
Oξcer
Chief Financial
Oξcer
Chief Beneο¬ts
Oξcer
Chief Human
Resources Oξcer
Chief Investment
Oξcer
Chief Internal
Auditor
Investment
Consultant
ORGANIZATIONAL CHART
EXECUTIVE TEAM
SURS ANNUAL REPORT 2020
3
DEFINED BENEFIT ξ TRADITIONAL & PORTABLE PLANS
MEMBERSHIP
At June 30, 2020, membership was:
Benefit Recipients* ξξ,ξξξ
Active Members ξξ,ξξξ
Inactive Members ξξ,ξξξ
ξξξ,ξξξ
*Does not include lump-sum refund recipients
At June 30, 2020, the number
of SMP participating employers was:
Universities ξ
Community Colleges ξξ
Allied Agencies ξ
State Agencies ξ
ξξ
Note: Excluded from the employer totals above is the
state of Illinois, a non-employer contributing entity.
At June 30, 2020, membership was:
Benefit Recipients ξ,ξξξ
Active Members ξξ,ξξξ
Inactive Members ξξ,ξξξ
ξξ,ξξξ
Number of Benefit Recipients 5-Year Summary
Disability
Fiscal Contribution Retirement
Year Survivors Disability Refunds Retirement Allowance
ξξξξ ξ,ξξξ ξξξ ξ,ξξξ ξξ,ξξξ ξξξ
ξξξξ ξ,ξξξ ξξξ ξ,ξξξ ξξ,ξξξ ξξξ
ξξξξ ξ,ξξξ ξξξ ξ,ξξξ ξξ,ξξξ ξξξ
ξξξξ ξ,ξξξ ξξξ ξ,ξξξ ξξ,ξξξ ξξξ
ξξξξ ξ,ξξξ ξξξ ξ,ξξξ ξξ,ξξξ ξξξ
Average Annuity Payments For Retirees as of June 30, 2020
Years of Credited Service
0β10 11β15 16β20 21β25 26β29 30+ Total
Number of Retirees ξξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξξ,ξξξ
Avg Monthly Annuity $ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ ξ,ξξξ
Final Average Salary $ξξ,ξξξ ξξ,ξξξ ξξ,ξξξ ξξ,ξξξ ξξ,ξξξ ξξ,ξξξ ξξ,ξξξ
Avg Service Credit ξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ
SURS is the plan sponsor and administrator of a defined contribution plan
established as of January 1, 1998, by the Illinois General Assembly as an amend-
ment to the Illinois Pension Code through Illinois Public Act 90-0448. This
plan is referred to as the Self-Managed Plan (SMP) and is offered to employees
of all SURS employers who elect to participate. This plan is a qualified money
purchase pension plan under Section 401(a) of the Internal Revenue Code. The
assets of the SMP are maintained under a trust administered by the SURS
Board of Trustees in accordance with the Illinois Pension Code, and are made up
of the account balances of individual members.
DEFINED CONTRIBUTION ξ SELFξMANAGED PLAN
Benefit
Recipients
ξξ.ξ%
Inactive
ξξ.ξ%
Active
ξξ.ξ%
38.8%
32.0%
29.2%
BENEFIT
RECIPIENTS
INACTIVE
ACTIVE
Deο¬ned Beneο¬t Plan
SURS ANNUAL REPORT 2020
4
Mission
To secure and deliver the retirement benefits promised to our members.
Major Initiatives and Changes
In March of 2020, SURS closed to the public and most of the staff began working from home to protect their health. Our staff has risen to the
work challenges caused by the coronavirus outbreak and will continue to change and adapt when necessary. As we have adopted new working
conditions, our members have seen the same excellent service, delivery of benefits and fiduciary responsibility they have come to expect. Benefit
checks are going out on time, our call center is fully operational and retirement counselors are conducting appointments remotely.
Although we are coping with the COVID-19 pandemic, we continue to move forward with major initiatives and changes at SURS.
The following changes occurred to SURS Board of Trustees in fiscal year 2020
β’ In August 2019, Mitchell Vogel, SURS annuitant and former board member, was selected to fill a vacancy on the SURS Board of Trustees by
the elected SURS trustees. The vacancy was created when elected annuitant board member John Engstrom resigned after the June 2019
board meeting.
β’ In March 2020, Gov. Pritzker appointed Scott Hendrie to the board. Trustee Hendrieβs term will expire in June 2021.
SURS staff worked diligently to complete IT, administration and member service projects.
β’ Several new software packages were implemented to assist the administrative support teams.
β’ Sage Intacct β a cloud-based financial management and services software
β’ ADP β cloud-based human capital management solution
β’ Agiloft - software for contract lifecyle management that will be used for legal and compliance
β’ A pension administration system assessment was done by the consulting firm Linea. This was the first step of many as SURS moves forward
with the replacement of the pension administration system.
β’ Renovations to the Champaign headquarters began. The call center and the counselor offices are being restructured to make more room for
the growing staff. Just under 6,000 sq. ft. are being renovated.
β’ New security and life safety tool updates, such as perimeter and interior monitoring of the main office, were completed.
β’ Work continued on the redesign of the Self-Managed Plan (SMP) and implementation of a new supplemental plan. On Sept. 1, 2020, we
launched the redesigned SMP, renamed the SURS Retirement Savings Plan (RSP). The new SURS Deferred Compensation Plan (DCP) will be
rolled out in 2021.
Number of SURS Employees (full-time equivalents) β 10-Year Summary
Fiscal Human Resources Investments Member Services Information Systems Self-Managed
Year & Administration & Accounting & Outreach & Support Services Plan Total
ξξξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξ.ξξ ξξξ.ξξ
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ξξξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξξ.ξξ ξ.ξξ ξξξ.ξξ
Counseling
Individual Retirement Counseling Appointments ............ ξ,ξξξ
Written Retirement Estimates Mailed
.....................................ξξξ
Campus Visits (July-March)
.......................................................... ξξ
Retirement Education Seminars
....................................................ξ
Benefit Fairs
...................................................................................... ξξ
Webinars/Group Presentations
................................................... ξξ
Average Member Satisfaction Rating
.....................................ξξ%
Call Center
Incoming Calls ....................................................................... ξξξ,ξξξ
Member Satisfaction Rating
.....................................................ξξ%
Lobby Visits
Walk-in Visits (July-March) ..................................................... ξ,ξξξ
Member Satisfaction Rating (July-March)
............................ξξ%
Electronic Service
SURS Website Page Views ................................................ ξξξ,ξξξ
SURS Member Website Visits
.......................................... ξξξ,ξξξ
SURS Employer Website Visits
...........................................ξξ,ξξξ
Incoming Webmails Processed
............................................. ξ,ξξξ
Informational Emails Sent To Members
........................ ξξξ,ξξξ
Claims Processed
Retirement ................................................................................... ξ,ξξξ
Refund
........................................................................................... ξ,ξξξ
Death
............................................................................................. ξ,ξξξ
Disability
........................................................................................... ξξξ
Support Services
Items Mailed .......................................................................... ξξξ,ξξξ
Documents Scanned/Imported
........................................ ξξξ,ξξξ
SURS MEMBER SERVICESξOUTREACH STATISTICS ξ FISCAL YEAR 2020
CUSTOMER SERVICE
SURS ANNUAL REPORT 2020
5
Financial Analysis of the System
The State Universities Retirement System serves 216,122 members in its defined benefit plan and 24,416 members in its Self-Managed
Plan. The funds needed to finance the benefits provided by SURS are accumulated through the collection of member and employer con-
tributions and through income on investments. The total net position of the System increased from $22.4 billion as of June 30, 2019 to
$22.6 billion as of June 30, 2020. This $0.2 billion change was due to the following: an increase in cash and short-term investments, an
increase in pending investment sales, an increase in payables to brokers-unsettled trades, and an increase to securities lending collateral.
Condensed Statement of Changes in Plan Net Position
Reporting Entity ($ in millions) Change Change
2020 2019 Amount %
Employer contributions $ ξξ.ξ $ ξξ.ξ $ ξ.ξ ξ.ξ
Non-employer contributing entity contributions ξ,ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ ξξ.ξ
Member contributions ξξξ.ξ ξξξ.ξ ξ.ξ ξ.ξ
Net investment income ξξξ.ξ ξ,ξξξ.ξ (ξξξ.ξ) (ξξ.ξ)
Total additions ξ,ξξξ.ξ ξ,ξξξ.ξ (ξξξ.ξ) (ξ.ξ)
Benefits ξ,ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ ξ.ξ
Refunds ξξξ.ξ ξξξ.ξ (ξξ.ξ) (ξ.ξ)
Administrative expense ξξ.ξ ξξ.ξ ξ.ξ ξξ.ξ
Total deductions ξ,ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ ξ.ξ
Net increase (decrease) in plan net position $ ξξξ.ξ $ ξξξ.ξ $ (ξξξ.ξ) (ξξ.ξ)
Additions
Additions to plan net position are in the form of employer and member contributions and returns on investment funds. For fiscal year
2020, non-employer contributing entity contributions increased by $199.5 million due to higher contributions from the State of Illinois.
Employer contributions increased by $4.2 million or 7.2%. Member contributions increased by $9.5 million or 2.6%. Net investment
income for fiscal year 2020 was $765.8 million for the System, representing a $526.6 million decrease from the prior year. For the defined
benefit plan, the overall rate of return was 2.6% (net of all investment management fees).
Condensed Statement of Plan Net Position
Reporting Entity ($ in millions) Change Change
2020 2019 Amount %
Cash and short-term investments $ ξ,ξξξ.ξ $ ξξξ.ξ $ ξξξ.ξ ξξ.ξ
Receivables and prepaid expenses ξξξ.ξ ξξξ.ξ (ξξ.ξ) (ξξ.ξ)
Pending investment sales ξ,ξξξ.ξ ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ
Investments and securities lending collateral ξξ,ξξξ.ξ ξξ,ξξξ.ξ ξξξ.ξ ξ.ξ
Capital assets, net ξξ.ξ ξ.ξ ξ.ξ ξ.ξ
Total assets ξξ,ξξξ.ξ ξξ,ξξξ.ξ ξ,ξξξ.ξ ξ.ξ
Payable to brokers-unsettled trades ξ,ξξξ.ξ ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ
Securities lending collateral ξ,ξξξ.ξ ξξξ.ξ ξξξ.ξ ξξ.ξ
Other liabilities ξξ.ξ ξξξ.ξ (ξξ.ξ) (ξξ.ξ)
Total liabilities ξ,ξξξ.ξ ξ,ξξξ.ξ ξ,ξξξ.ξ ξξξ.ξ
Total plan net position $ξξ,ξξξ.ξ $ξξ,ξξξ.ξ $ ξξξ.ξ ξ.ξ
FINANCIAL HIGHLIGHTS FOR FISCAL YEAR 2020
β’ Contributions from the State and employers were $1,917.0 million, an increase of $203.8 million, or 11.9% from fiscal year 2019.
β’ The Systemβs benefit payments were $2,744.1 million, an increase of $126.9 million or 4.8% for fiscal year 2020.
β’ The Systemβs return on investment, net of investment management fees, was 2.6% for fiscal year 2020.
β’ The Systemβs net position at the end of fiscal year 2020 was $22.6 billion, an increase of $193.2 million or 0.9%.
FINANCIAL
SURS ANNUAL REPORT 2020
6
SURS is funded through contributions from non-employer, employer and employee contributions as well as investment earnings. The State of
Illinois, a non-employer contributing entity, provides funding from two sources: the General Revenue Fund and the State Pensions Fund, which is
funded with proceeds from unclaimed property.
Annually, the SURS actuary determines the annual βstatutory contributionβ needed to meet current and future benefit obligations in accordance with
the Illinois Pension Code, which sets forth the manner of calculating the statutory contribution under the Statutory Funding Plan. The Statutory
Funding Plan requires the state to contribute annually an amount equal to a constant percent of pensionable (capped) payroll necessary to allow
the System to achieve a 90% funded ratio by fiscal year 2045, subject to any revisions necessitated by actuarial gains or losses, or actuarial assump-
tions. All of the $1.85 billion statutory contribution for fiscal year 2020 was received by July 8, 2020. As of June 30, 2020, the plan net position as a
percentage of the total pension liability was 39.05%. The funding issue confronting SURS continues to represent a challenge to the System.
Although the statutory contribution requirement was met in fiscal year 2020, the Statutory Funding Policy creates a perpetual contribution vari-
ance of underfunding the System in earlier years. In later years, the statutory contribution would exceed a contribution equal to normal cost plus a
30-year closed period level percent of pay amortization of the unfunded liability. Further information is presented in the Required Supplementary
Information related to employer contributions and the funding of the plan.
0
20
40
60
80
100
20202019201820172016201520142013201220112010200920082007
68.4%
58.5%
54.3%
46.4%
44.3%
42.1%
41.5%
42.3%
43.3%
43.3%
44.4%
42.8%
42.3%
42.2%
Historical Funding Ratios
Starting with fiscal year ξξξξ, the funding ratios were calculated using the actuarial value of assets. Prior to FY ξξξξ, the market
value of assets were used.
Fiscal Year
Schedule of Contributions from Employers and Other Contributing Entities ($ thousands)
Actual Contribution
Actuarially Other Contribution Actual Contribution
Determined Contributing Deficiency Covered as a % of
Fiscal Year Contribution Employers Entities (Excess) Payroll Covered Payroll
ξξξξ ξ,ξξξ,ξξξ ξξ,ξξξ ξξξ,ξξξ ξξξ,ξξξ ξ,ξξξ,ξξξ ξξ.ξξ
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ξξξξ ξ,ξξξ,ξξξ ξξ,ξξξ ξ,ξξξ,ξξξ ξξξ,ξξξ ξ,ξξξ,ξξξ ξξ.ξξ
FUNDING
SURS ANNUAL REPORT 2020
7
Self-Managed Plan
Fiscal year 2020 marks the 22nd complete year of the Self-Managed Plan (SMP). As of June 30, 2020, the SMP had accumulated plan assets of
approximately $3.0 billion. This represents an increase of approximately $294 million since the end of fiscal year 2019. Contributing to the growth
in plan assets was a market-related increase of $224 million. During the past several years, SMP participants have continued to maintain a balanced
exposure to equities. In aggregate, the total funds invested by SMP participants have an allocation of 71% equity, 27% fixed income, and 2% real
estate. This was a 3% decrease in the equity allocation as compared to last yearβs position.
Investment Objectives
The investment objective of the total portfolio is to achieve long-term, sustainable, investment performance necessary to meet or exceed the
Systemβs assumed rate of return, net of all management fees with appropriate consideration for portfolio volatility (risk) and liquidity.
Fiscal Year 2020 Results
During fiscal year 2020, the SURS portfolio returned 2.64%, net of fees, exceeding the policy portfolio return of 2.00%. The positive relative perfor-
mance was especially noteworthy, given the significant portfolio restructuring completed during the fiscal year. As discussed last year, SURS has
adopted a risk-based, functional framework for allocating capital. This framework makes use of strategic/functional classes that in-turn utilize under-
lying asset classes and strategies. As a result, each of SURSβs existing asset classes have been remapped to various risk-based, functional strategic
classes.
The Total Fundβs outperformance relative to the policy portfolio for Fiscal 2020 was primarily due to:
β’ Strong relative performance by the aggregate Traditional Growth portfolio and the option strategies sub-class of the Stabilized Growth portfolio;
β’ Strong absolute and relative performance by the Inflation Sensitive class due to a legacy commodities allocation; and
β’ Outperformance by the newly implemented Crisis Risk Offset class, which was funded during the fiscal year.
Long-Term Investment Results
From a long-term perspective, the SURS portfolio has performed well, earning a 7.9% annualized rate of return over the past 30 years, exceeding the
7.6% policy portfolio return. This return is also in line with the 8.0% average assumed rate of return in effect over the last 30 years and the current
6.75% assumed rate of return. For the 10-year period ended June 30, 2020, SURS total fund earned an annualized total return, net of all investment
management expenses, of 8.5%. This matched the policy portfolio benchmark.
INVESTMENTS
Strategic Asset Allocation
The purpose of the strategic allocation is to establish a framework that has a high likelihood, in the judgment of the Board, of realizing the Systemβs
long-term funding success. Strategic allocation involves establishing target allocation percentages for each approved strategic class and their sub-
class components. The asset-liability study completed in September 2018 resulted in significant structural changes to SURS asset allocation targets.
The foundation of these changes consisted of a transition from conventional asset classes to functional asset classes as the basis of portfolio weight-
ing. The transition to functional classes was completed during Fiscal Year 2020.
Policy vs. Actual
Percentage
0%
10%
20%
30%
40%
50%
Traditional
Growth
Stabilized
Growth
Non-Traditional
Growth
Inο¬ation
Sensitive
Principal
Protection
Crisis Risk
Oο¬set
Cash
44.0
25.0
24.3
25.0
26.0
11.2
11.0
15.0
5.4
6.0 6.0
8.5
8.0 8.0
5.5
6.0
20.0
1.2
0.0 0.0
43.9
Asset Allocation (Including Overlay) Interim Strategic Policy Target Long-Term Strategic Policy Target
0%
10%
20%
30%
40%
50%
Traditional
Growth
Stabilized
Growth
Non-Traditional
Growth
Inο¬ation
Sensitive
Principal
Protection
Crisis Risk
Oο¬set
Cash
44.0
25.0
24.3
25.0
26.0
11.2
11.0
15.0
5.4
6.0 6.0
8.5
8.0 8.0
5.5
6.0
20.0
1.2
0.0 0.0
43.9
Asset Allocation (Including Overlay) Interim Strategic Policy Target Long-Term Strategic Policy Target
Committment to Diversity
SURS continues to display a strong commitment to diversity as investments with firms owned by minorities, women, and persons with a disabili-
ty (MWDB), continue to grow. The search activity and portfolio restructuring completed during the fiscal year presented an opportunity to further
demonstrate this important initiative. Assets managed by diverse firms now represent approximately $7.2 billion or 37% of the Total Fund.
SURS ANNUAL REPORT 2020
8
ξξξξ
Universities ξ
Community Colleges ξξ
Allied Agencies ξξ
State Agencies ξ
ξξ
Note: Excluded from the employer totals above is the state of Illinois,
a non-employer contributing entity.
Black Hawk College
Carl Sandburg College
Chicago State University
City Colleges of Chicago
College of DuPage
College of Lake County
Danville Area Community College
Eastern Illinois University
Elgin Community College
Governors State University
Heartland Community College
Highland Community College
ILCS Section 15-107(I) Members
ILCS Section 15-107(c) Members
Illinois Board of Examiners
Illinois Board of Higher Education
Illinois Central College
Illinois Community College Board
Illinois Community College Trustees Association
Illinois Department of Innovation and Technology
Illinois Eastern Community Colleges
Illinois Mathematics and Science Academy
Illinois State University
Illinois Valley Community College
John A. Logan College
John Wood Community College
Joliet Junior College
Kankakee Community College
Kaskaskia College
Kishwaukee College
Lake Land College
Lewis & Clark Community College
Lincoln Land Community College
McHenry County College
Moraine Valley Community College
Morton College
Northeastern Illinois University
Northern Illinois University
Northern Illinois University Foundation
Oakton Community College
Parkland College
Prairie State College
Rend Lake College
Richland Community College
Rock Valley College
Sauk Valley College
Shawnee College
South Suburban College
Southeastern Illinois College
Southern Illinois University β Carbondale
Southern Illinois University β Edwardsville
Southwestern Illinois College
Spoon River College
State Universities Civil Service System
State Universities Retirement System
Triton College
University of Illinois β Alumni Association
University of Illinois β Chicago
University of Illinois β Foundation
University of Illinois β Springfield
University of Illinois β Urbana
Waubonsee Community College
Western Illinois University
William Rainey Harper College
Number of defined benefit plan participating employers
SURS Participating Employers
EMPLOYERS
State Universities Retirement System of Illinois
A Component Unit of the State of Illinois
1901 Fox Drive β’ Champaign, Illinois 61820
Toll Free 800-275-7877 β’ Direct 217-378-8800
www.surs.org
S U R S
STATE UNIVERSITIES RETIREMENT SYSTEM
