• Reminders

    HCAFA Executive Committee monthly meetings continue to be held online via Zoom.  All HCAFA members are invited to join the sessions.

    All meeting times are from 9:30 am until ~11 am.  Meeting dates for the remainder of the year – subject to change – are as follows:

    • October 9
    • November 13
    • December 11

    For information, contact HCAFA President Robert Allare at hcafapresident@gmail.com

    Unfortunately, our local Illinois Education Association office in Palatine is closed due to the pandemic, but messages (847.359.0300) are forwarded to us. For an emergency situation, you may contact the HCAFA President via email (hcafapresident@gmail.com) or IEA’s central office in Springfield at https://ieanea.org/ieaconnect/ for telephone and live chat during their limited weekday hours as well as the email option. 

DON’T BE FOOLED! SURS IS SUSTAINABLE!

 Why SURS is Sustainable!

The rate of return for FY 2011 on SURS investments was 23.8 percent.  SURS is a long-term investor and since 1986, the average annual rate of return was 8.8 percent.  Do not get confused with the short-term returns when the long-term is what matters.

 The numbers to focus on are the amounts SURS pays out in pensions and benefits in a year.  During the last fiscal year, SURS paid out $1.6 billion in benefits, but collected $4.1 billion in revenue, more than enough to meet current obligations.

The total value of SURS assets continues to improve.  At the end of FY 2009, SURS held $11.03 billion.  At the end of FY 2010, SURS held $12.12 billion.  As of 6/30/2011, SURS held $14.24 billion.  That’s a 22.5 percent increase in two years.

It’s important to note that SURS and its investments and contributions from its membership will continue to accrue principal and interest over the remainder of a member’s life as long as unused equity exists.

 As of 6/30/2011, SURS had total liabilities of $31.5 billion and an unfunded liability of $17.2 billion.  While the media frets about the unfunded liability, the total amount is never due all at once.  Don’t confuse the mortgage with the mortgage payment.

 Contributions to SURS since 1996:

Since 1996 SURS has received $11.2 billion in employer/state/member contributions.

 Investment income plus employer/state/member contributions has totaled $24.8 billion since 1996.

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