May 12, 2014

SURS approves emergency administrative rule

The executive committee of the State Universities Retirement System board has approved an “emergency administrative rule" using June 30, 2014, as the deemed retirement date for calculating the minimum money purchase annuity, a provision contained in the pension reform law passed in 2013. 

Members who have received retirement benefit estimates in the last four months should have received an estimate for a June 2014 date. These June estimates will provide a very close, if not exact, estimate of their MMPA amount.  Members may also go to the SURS website and use the interim benefit calculator to estimate benefits using the 2014 date. It should be noted that vacation earnings and unpaid sick leave are ineligible for use in the MMPA calculation.