$FY27 SURS OCE

104th Regular Session Introduced by Robyn Gabel

HB 5697 would change how the State Universities Retirement System is funded and administered for FY27, including adjustments to cost-of-education considerations and related budgeti

Bill Summary: HB 5697 (104th Illinois General Assembly) – FY27 SURS OCE

Purpose and intent

HB 5697 is an Illinois bill pertaining to State Universities Retirement System (SURS) oversight and related funding considerations for fiscal year 2027 (FY27). The bill appears to address funding, cost-of-education (OCE) provisions, and administrative aspects within SURS as they relate to state budgeting and pension obligations. A co-sponsor listed is Robyn Gabel.

Key provisions and changes

SURS oversight and funding framework: The bill proposes changes to how the State Universities Retirement System is funded and administered for FY27, potentially altering contribution calculations, investment-related requirements, or administrative processes used to manage benefits for eligible retirees and active members.

OCE (Cost of Education) considerations: The bill includes provisions tied to OCE within the context of SURS-related budgeting. This could involve adjustments to how education costs for state universities are factored into actuarial assumptions, pension funding requirements, or state appropriations connected to SURS.

Fiscal and governance adjustments: Administrative or procedural modifications may be included to align SURS operations with broader state budgeting cycles, including timelines for funding decisions, actuarial valuations, or reporting requirements.

Who would be affected

Active SURS members (state university employees) who contribute to and are eligible for future retirement benefits.

Retirees and beneficiaries receiving SURS benefits.

State universities and participating employers, which contribute to SURS on behalf of employees.

Illinois state agencies involved in budgeting, pensions, and higher education funding, particularly those that interact with SURS funding and OCE calculations.

Procedural and timeline aspects

Fiscal year focus: The provisions specifically target FY27, indicating changes or requirements to be implemented for the 2027 fiscal year.

Legislative process: As a House Bill with a co-sponsor, HB 5697 would move through committee review, potential amendments, and floor consideration, followed by negotiation with the Senate and the Governor for enactment.

Potential impacts and considerations

Pension funding: Changes could affect actuarial assumptions, contribution rates, or funding adequacy for SURS, influencing long-term fiscal health and benefit security for members.

Higher education budgeting: Incorporation of OCE elements may affect state university budgets and appropriations tied to pension expenses.

Administrative burden: If the bill expands reporting or valuation requirements, participating employers and the SURS system may face additional administrative tasks.

If you would like, I can pull the exact text of HB 5697 and provide a more precise, line-by-line breakdown of each provision, including any fiscal impact statements and enacted timelines.