As of this writing, there have been [four] lawsuits filed... SUAA will be the [fifth] lawsuit filed. However, the SUAA lawsuit will be filed in Champaign County. In addition, the plaintiffs chosen for the lawsuit are all from Champaign County. The University of Illinois, Parkland Community College and the State Universities Retirement System are all located within a short distance of one another. The fiscal impact on this community alone is monumental. In addition, the plaintiffs are representative of all who are currently contributing to the State Universities Retirement System and those, of course, who are now beneficiaries.
Filing multiple lawsuits is advantageous to the participants in and beneficiaries of the State-funded pension systems. SUAA believes that the State Universities Retirement System (SURS) has certain distinctions that sets this system apart from the others. SURS is the only system that has a Traditional Plan, Portable Plan, and a Self-Managed Plan to choose from. It is also the only system that has the Money Purchase Formula which, with the implementation of SB 1 (PA 98-0599), will severally reduce its value.