Richland Community College
Tier2-3: Socially Responsible Retirement Plan

Richland Community College offers a socially responsible investment option for retirement and is a member of the State Universities Retirement System of Illinois (SURS). SURS is one of the larger public pension funds in the United States; as such its operational requirements are complex. The Board relies heavily on both Internal Staff and external contractors in order to properly administer the System and implement its investment strategies. Because of the number of parties involved, their roles as fiduciaries must be clearly identified to increase operational efficiency, to ensure clear lines of responsibility, and to reduce or eliminate duplication of effort.

Mission Statement
The Board of Trustees (“Board”) of the State Universities Retirement System (“SURS”, “System”) has a fiduciary responsibility to the Members and Beneficiaries of the System. In recognition of this responsibility, the Board has adopted the following Mission Statement:

The SURS Mission
The mission of the State Universities Retirement System (SURS) is to: (1) provide for SURS annuitants, participants, and their employers, in accordance with State law, the best and most cost-effective benefit administration services in the United States; (2) manage and invest the fund´s assets prudently; and (3) endeavor to achieve and maintain a financially sound retirement system. The purpose of this Mission Statement is to provide broad operational direction to the Board, Staff, and contractors of SURS.

The State Universities Retirement System of Illinois (SURS) provides retirement, disability, death, and survivor benefits to eligible SURS participants and annuitants. SURS members may choose one of three retirement options:
1. Traditional Benefit Package,
2. Portable Benefit Package, or
3. Self-Managed Plan (SMP).

Employees contribute 8% of their annual salary; employer contribution is dependent upon the plan chosen by the employee.