IMSA’s Comprehensive Employment Benefits
As a state-funded institution, employment benefits are provided by the State of Illinois. Our fiscal year for employment benefits runs from July 1 – June 30. The State Universities Retirement System of Illinois (SURS) provides retirement benefits. The package offers:
Prescription medication coverage is provided through the health plan’s Prescription Benefit Manager. Benefits include reasonable co-pays, pharmacy options, and a maintenance medication mail service.
State employees can save money by taking advantage of several pre-tax programs. Options include flexible spending accounts (FSA), commuter savings program, and the Deferred Compensation Plan, including 457 and 403b. ConnectYourCare provides services for medical and dependent care flexible spending programs. Commuter Check Direct provides services for the commuter savings program.
State University Retirement System (SURS) administers IMSA’s retirement plan. Employees have several options, including traditional, portable, and self-managed plans. SURS is reciprocal with other state retirement systems such as TRS and IMRF.
Whether you are just starting out or have been working many years, the 403(b) Plan can be an excellent way to help you build up your retirement savings. It offers the convenience of automatic payroll deductions and gives you the ability to save with pre-tax dollars—that means your contributions and any investment earnings can be tax-deferred until withdrawn.