Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1600 - UNIVERSITIES RETIREMENT › Subpart A - GENERAL › Section 1600.100 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
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 701/2, 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.).