Record-high Illinois university workers opt-out of pensions – Illinois Policy

SURS gained 1,314 new employees last year, 725 to the traditional and portable pension plans while 589 opted into the Retirement Savings Plan. It’s a defined contribution plan, similar to a 401(k), rather than the typical defined benefit pension available in most state retirement systems.
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Bross
7 months ago

Is the traditional pension plan really “portable”? Maybe to other IL institutions but if you leave the State I doubt it is. Plus the vesting period for retirement funds seems completely unserious. 10 years? 5 for 401k? Also, do the 401k funds go to an account outside of the State control? As in, when the pension collapses are the 401k funds secure?

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