What is a retirement annuity?
An amount of money payable yearly for your lifetime. When you retire under the SURS Traditional Plan, an amount of money will be paid to you each year on a monthly basis until your death. Under the Portable plan, you may choose to receive a lifetime annuity or a lump sum payment when you stop working. If you retire under the Self Managed Plan (SMP), you may choose to receive annuities or other kinds of payment distributions from your fund providers. In order to receive State of Illinois Health Insurance Benefits after retirement, you must receive your retirement income as an annuity, and all of your SMP Plan accounts must be used to buy one annuity contract.
