State Universities Retirement System of Illinois (SURS) — mandate, USD AUM, leadership

Name: SURS Spring Stakeholder Meeting and Townhall
Uploaded: 2026-04-30
Description: Recorded April 30, 2026

UAO Registry · Top 100 · Instantiations rank 100 · elite profile 96th live · Top 100 wrap · Public pension · United States (Illinois) · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief
Speakable summary
Mandate & ownership
Disambiguation (≠ TRS Illinois)
Scale & portfolio
Governance & leadership
Investment philosophy & process
Climate / ESG / diversity
Performance & reporting
Plans, membership & member service
Funding & state contributions
Controversies & debates
Timeline
Annex: Official USD AUM stack
Annex: Functional allocation
Annex: Returns & interim update
Annex: CIO FY2025 report excerpts
Annex: Investment summary (ACFR)
Annex: Statutory funding narrative
Annex: DCP & member operations
FAQ
Sources & further reading
Official video
Completeness note

Executive brief

The State Universities Retirement System of Illinois (SURS) is the Illinois public pension administrator for staff of state universities, community colleges, and certain state agencies. It is not Teacher Retirement System of Illinois (TRS Illinois). SURS publishes audited and interim figures in official US dollars on surs.org.

As of 30 June 2025 (FY2025 Annual Comprehensive Financial Report / COMP-FY2025), defined-benefit investment assets held in trust were about US$25.2 billion and fiduciary net position was US$25.365 billion (about US$25.4 billion in summary narrative). Separate third-party-administered balances in the Retirement Savings Plan (RSP) and Deferred Compensation Plan (DCP)—not included in that fiduciary net-position statement—were about US$4.9 billion and US$131.5 million. SURS’s public Investment Update for the quarter ending 31 March 2026 shows a total fund of about US$26.24 billion. Preliminary statutory investment information as of 31 July 2026 reports defined-benefit assets of about US$27.28 billion.

Leadership from official About SURS / ACFR (and live UAO INST): Executive Director Suzanne Mayer; Chief Investment Officer Michael Schlachter. Board Chairperson John Lyons. Related Registry peers include Pennsylvania PSERS, Maryland SRPS, Colorado PERA, TCDRS, and LACERA. This profile is the 96th live elite institution page and closes UAO Top 100 rank #100 (SAFE, TRS Texas, Kuwait PIFSS, and BIA remain skipped).

Researchers care about SURS because it combines a multi-plan Illinois higher-education mandate, a functional growth / protection / crisis-offset asset mix, statutory state funding toward a 90% target by FY2045, and unusually detailed monthly statutory investment disclosures—while remaining easy to confuse with TRS Illinois.

Speakable summary

SURS is Illinois’s public retirement system for state university and community-college employees—not TRS Illinois. Official FY2025 figures show about twenty-five point two billion dollars of defined-benefit investment assets and twenty-five point four billion dollars of fiduciary net position. Executive Director Suzanne Mayer; Chief Investment Officer Michael Schlachter. Fiscal year twenty twenty-five net return six point four percent.

Mandate & ownership

SURS is the administrator of a cost-sharing, multiple-employer public employee retirement system established 21 July 1941. The enabling act provided for creation, maintenance, and administration of a retirement system for staff members and employees of the University of Illinois and certain other state agencies. The System adopted the name State Universities Retirement System in 1963. Today it serves about 61 employers (combining several campuses in the count), employs about 185 full-time staff in Champaign and Naperville, and serves over 255,000 members worldwide, with a FY2025 operating budget of US$36,544,583 (surs.org About).

Legal and fiduciary frame: Articles 1 and 15 of the Illinois Pension Code; an 11-member Board of Trustees with a statutory fiduciary duty. The State of Illinois is a non-employer contributing entity funding defined benefits alongside employer and employee contributions and investment earnings. SURS members generally do not contribute to Social Security on SURS-covered wages—an important context for the System’s supplemental Deferred Compensation Plan messaging.

What the mandate is / is not

Is: Illinois public pension + DC/457 administration for higher-education and related public employers.
Is: Multi-plan system (Traditional DB, Portable DB, RSP DC, DCP 457(b)).
Is not: Teacher Retirement System of Illinois (K-12 teachers).
Is not: A sovereign wealth fund or a private endowment.
Is not: TRS Texas, STRS Ohio, or other similarly abbreviated US teacher systems.

SURS is the administrator of a cost-sharing, multiple-employer public employee retirement system. It was established July 21, 1941, and provides retirement annuities and other benefits for employees, survivors, and other beneficiaries of those employees of state universities, community colleges, and certain other state agencies in Illinois.

SURS serves 61 employers and approximately 258,000 members and annuitants. The plans administered by SURS include a traditional defined benefit plan established in 1941, a portable defined benefit plan established in 1998, a defined contribution plan established in 1998, and a deferred compensation plan established in 2021.

SURS is governed by an 11-member board of trustees that includes four elected active members, two elected annuitants, and five individuals appointed by the Governor, one of which is the appointed chair of the Illinois Board of Higher Education. INTRODUCTION Letter of Transmittal Funding SURS is funded through contributions from non-employer, employer, and employee contributions as well as investment earnings.

The State of Illinois, a non-employer contributing entity, provides recurring funding from two sources: the General Revenue Fund and the State Pensions Fund. Annually, the SURS actuary determines the annual statutory contribution needed to meet current and future benefit obligations in accordance with the Illinois Pension Code, which sets forth the manner of calculating the statutory contribution under the Statutory Funding Plan.

The Statutory Funding Plan requires the state to contribute annually an amount equal to a constant percent of pensionable (capped) payroll necessary to allow the System to achieve a 90% funded ratio by the end of fiscal year 2045, subject to any revisions necessitated by actuarial gains or losses, or changes in actuarial assumptions.

The fiscal year 2025 certified State of Illinois contribution of $2,212,810,000 was received in full by May 5, 2025. As of June 30, 2025, the plan net position as a percentage of the total pension liability was 45.48%. The funding issue confronting SURS continues to represent a challenge to the System.

Although the statutory contribution requirement was met in fiscal year 2025, the Statutory Funding Policy creates a perpetual contribution variance of underfunding the System in earlier years. In later years, the statutory contribution would exceed a contribution equal to normal cost plus a 30-year closed period level percent of pay amortization of the unfunded liability.

Further information is presented in the Required Supplementary Information related to employer contributions and the funding of the plan. Investments Investments are made under the prudent person rule, which states that fiduciaries must discharge their duties with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use under conditions prevailing at the time.

Disambiguation (≠ TRS Illinois)

SURS ≠ Teacher Retirement System of Illinois (TRS Illinois). TRS Illinois is already live on UAO at teacher-retirement-system-of-illinois. Do not mix AUM, funded ratios, or leadership. TRS Illinois leadership (e.g. R. Stanley Rupnik as ED/CIO on that profile) is unrelated to SURS’s Suzanne Mayer / Michael Schlachter pair.

Dimension	SURS	TRS Illinois
Membership focus	State universities, community colleges, certain agencies	K-12 public school teachers / related
Soft (UAO)	state-universities-retirement-system-of-illinois	teacher-retirement-system-of-illinois
Official web	surs.org	trsil.org
ED / CIO (official)	Suzanne Mayer / Michael Schlachter	See TRS Illinois elite profile
FY2025-scale order	~US$25B DB FNP / investment assets	Tens of billions larger (see TRS profile)
HQ area	Champaign (+ Naperville)	Springfield (TRS)

Secondary press sometimes writes “Illinois SURS” or “Illinois universities pension” without contrasting TRS. UAO treats that ambiguity as a documentation risk: cite surs.org primaries and keep Instantiations rank 100 (SURS) separate from Instantiations rank for TRS Illinois.

Scale & portfolio

Official USD only—figures below are taken from SURS COMP-FY2025, the FY2025 Annual Report Summary, the 31 March 2026 Investment Update, and the statutory Investment Information page (preliminary monthly).

As-of	Metric	Official USD	Primary
30 Jun 2025	DB investment assets held in trust	~US$25.2B	COMP-FY2025
30 Jun 2025	Fiduciary net position (reporting entity)	US$25.365B	COMP-FY2025
30 Jun 2025	RSP assets (third-party; excl. FNP stmt)	~US$4.9B	COMP-FY2025
30 Jun 2025	DCP assets (third-party; excl. FNP stmt)	US$131.5M	COMP-FY2025
31 Mar 2026	Total fund (Investment Update)	US$26.243515B	surs.org Investment Update
31 Jul 2026 prelim	DB plan assets	US$27.284434B	Statutory inv-info
31 Jul 2026 prelim	RSP assets (+ disability/forfeiture reserves)	US$5.762B (US$5.969B total RSP)	Statutory inv-info
31 Jul 2026 prelim	DCP assets	US$236.145M	Statutory inv-info

Membership scale (FY2025)

Defined benefit plan members: 230,463
Retirement Savings Plan members: 27,697
Members with DCP balances: 18,093 (ACFR); Annual Summary also cites 15,315 active DCP enrollees at YE2025 in the auto-escalation narrative
Participating employers: about 61 (About SURS)

March 2026 functional mix (Investment Update)

Category	Current value (US$)	Interim policy %	Current %
Traditional Growth	7,761,514,750	32.00	29.60
Stabilized Growth	6,047,624,655	23.00	23.00
Non-Traditional Growth	4,986,176,222	17.00	19.00
Principal Protection	2,004,581,301	10.00	7.60
Crisis Risk Offset	4,475,953,746	18.00	17.10
Cash & Transition	702,343,646	0.00	2.70
Overlay	265,320,291	0.00	1.00
Total	26,243,514,612	100	100

Custodian named in statutory disclosures: Northern Trust Company. RSP/DCP service-provider balances on the July 2026 preliminary page include Voya Financial and legacy TIAA-CREF sleeves.

Governance & leadership

The SURS Board of Trustees has 11 members: four elected by active members, two elected by retired members, and five appointed by the Governor (one of whom is the chair of the Illinois Board of Higher Education). The Governor designates the chairperson. Appointed trustees require Illinois Senate approval. Trustees serve six-year terms; the Board meets at least seven times per year.

Board (About SURS)

Name	Role
John Lyons	Chairperson / Appointed Trustee
Collin Van Meter	Vice Chairperson / Elected Trustee
Scott Hendrie	Treasurer / Appointed Trustee
Andriy Bodnaruk	Elected Trustee
Richard Figueroa	Appointed Trustee
J. Fred Giertz	Elected Trustee
Jeanine Jiganti	Appointed Trustee (May 2025 appointment; term remainder to 2030)
Pranav Kothari	Appointed Trustee (IBHE chair continues on SURS Board)
Herbert Pitman	Elected Trustee
Steven Rock	Elected Trustee
Antonio Vasquez	Elected Trustee

Senior administrative staff

Name	Title	UAO person SSR
Suzanne Mayer	Executive Director	suzanne-mayer
Michael Schlachter	Chief Investment Officer	michael-schlachter
Bianca T. Green	General Counsel and FOIA Officer	bianca-green
Tara Myers	Chief Financial Officer	tara-myers
Jefferey Saiger	Chief Strategy and Technology Officer	jefferey-saiger (INST)
Mark Rowe	Chief Benefits Officer	—
Nichole Hemming	Chief Human Resources Officer	—
Jackie Hohn	Chief Internal Auditor	—
Ellen Hung	Deputy Chief Investment Officer (INST / SURS About lineage)	ellen-hung

FY2025 awards/recognition and organizational-chart detail appear in the Annual Report Summary and COMP-FY2025 introductory section. Public comments at open Board/Committee meetings follow Illinois Register Title 80 rules cited on surs.org.

Investment philosophy & process

Trustees must invest solely for participants and beneficiaries under Illinois statutes and the prudent-expert rule. SURS states that the goal of its investment policies is to optimize long-term return of System investments through a diversified portfolio designed to protect against market risk and produce steady returns over long periods.

FY2025 CIO reporting highlights a completed asset-liability study for the next three-to-five-year cycle: lower equity target, eliminate TIPS, increase public and private fixed income, risk-reducing assets, and private equity—seeking a more efficient risk allocation at similar predicted volatility. The 2021 study had emphasized defensive structure to limit near-term negative surprises (helpful in 2022; a drag in strong equity years such as FY2023–FY2024).

nvest in different types of asset classes seeking to increase return while lowering risk through diversification. The System retains professional investment firms who serve as fiduciaries and are afforded full discretion to manage the assets entrusted to them in accordance with written policies and guidelines established by the SURS Board of Trustees.

The goal of SURS investment policies is to optimize the long-term return of the System's investments. SURS has a diverse investment portfolio designed to protect against market risk and produce steady returns over a long-term period. As of June 30, 2025, SURS investment assets held in trust increased to $25.2 billion.

Assets in the Retirement Savings Plan (RSP) and the Deferred Compensation Plan (DCP), which are administered by a third-party and are not included in SURS Statement of Fiduciary Net Position, are valued at approximately $4.9 billion and $131.5 million, respectively.

During fiscal year 2025, the portfolio returned 6.4%, net of fees, exceeding the policy benchmark return of 6.1% but slightly trailing the 6.5% long term actuarial rate of return assumption. Portfolio returns are 8.2% over the last five years and 7.0% over the last ten years, each exceeding both the long term assumed rate and policy portfolio benchmark.

The Investment section of this report contains performance information, a summary of SURS investment portfolio and a summary of the investment objectives and policies. Legislation The following key bills that impact SURS became effective between July 1, 2024, and June 30, 2025: ● Public Act 104-0003, effective June 16, 2025, contains the annual certified state contribution to SURS ($2,319,446,000) required by Illinois law.

This amount is based on a statutory funding formula that requires the state to pay an amount each year necessary to bring the assets of the system up to 90% of the liabilities of the system by the end of state fiscal year 2045. ● Public Act 104-0002, effective June 16, 2025, also contains a $75 million transfer from the General Revenue Fund into a newly created fund, the Tier 2 Social Security Taxable Wage Base (SSWTB) Reserve Fund, for the estimated first year’s cost of implementing a Tier II Safe Harbor Fix, which was not passed by the General Assembly.

FY2025 long-term policy targets (COMP functional classes)

Functional class / sleeve	2025 target %	2024 target % (comparative)
Traditional Growth — Global Public Equity	35.0	36.0
Stabilized Growth — Core Real Assets	8.0	8.0
Stabilized Growth — Public Credit Fixed Income	4.0	6.5
Stabilized Growth — Private Credit	5.0	2.5
Non-Traditional Growth — Private Equity	11.0	11.0
Non-Traditional Growth — Non-Core Real Assets	5.0	4.0
Inflation Sensitive — U.S. TIPS	5.0	5.0
Principal Protection — Core Fixed Income	10.0	10.0
Crisis Risk Offset — Systematic Trend Following	10.0	10.0
Crisis Risk Offset — Alternative Risk Premia	3.0	3.0
Crisis Risk Offset — Long Duration	2.0	2.0
Crisis Risk Offset — Long Volatility/Tail Risk	2.0	2.0

Rebalancing policy (ACFR MD&A): rebalance as soon as practical if a strategy exceeds or falls below its target allocation by three percentage points; ongoing rebalancing occurred as needed in FY2025 with cash-flow assistance.

Climate / ESG / diversity

SURS’s FY2025 investment narrative emphasizes fiduciary diversification, risk measurement platform upgrades, and a quantified MWDB (minorities, women, and persons with a disability) manager commitment: approximately US$11.7 billion, or 47.5% of the total fund at fiscal year-end, up 0.7 percentage points since end-FY2024 (CIO letter).

Strategic-plan language on surs.org / About references being a great place to work with emphasis on learning, growth, diversity, equity, and inclusion, alongside securing the annual required contribution and producing risk-adjusted returns that meet objectives. Where SURS publishes dedicated climate or proxy-voting PDFs beyond the ACFR investment section, researchers should prefer those primaries; this profile does not invent exclusion lists or climate targets not present in the folded sources.

Key accomplishments during fiscal year 2025 include the completion of the asset-liability study, the addition of new portfolios in the equity asset class that improve our return/risk balance, searches for fixed income managers to implement the larger allocation to the asset class, the implementation of a new risk measurement and portfolio analytics software platform, three external hires to fill vacancies, a change in the fund structure of one of the options in the RSP and DCP which decreases costs for our members, and continued growth in the Private Credit and Real Estate portfolios through commitments to new investment partnerships.

As of fiscal year-end, all asset classes were within their target ranges as outlined within the Investment Policy Statement. The Stabilized Growth, Inflation Sensitive, Principal Protection, and Crisis Risk Offset functional classes are at their long-term strategic allocation policy targets.

The Non-Traditional Growth class is above its policy target but is expected to achieve its target weight over the next several years. SURS continues to display a strong commitment to diversity as investments with firms owned by minorities, women, and persons with a disability (MWDB) represent approximately $11.7 billion, or 47.5%, of the total fund, up 0.7% since the end of fiscal 2024.

Performance & reporting

FY2025 defined-benefit portfolio return: 6.4% net of fees, above the 6.1% policy benchmark, slightly trailing the 6.5% long-term actuarial assumption. Longer windows from COMP-FY2025:

Window	Time-weighted annualized net return
1-year (FY2025)	6.4%
3-year	6.7%
5-year	8.2%
10-year	7.0%
20-year	7.0%
30-year	7.8%

CIO letter also notes 30-year annualized 7.8% versus 7.6% policy portfolio and matching the 7.8% actuarial assumed rate in effect over that historical span. Transparency stack: Annual Comprehensive Financial Report (PDF), Annual Report Summary, monthly statutory Investment Information (Public Act 93-0499 / 30 ILCS 237), quarterly Investment Update pages, Board agendas, and Vimeo educational media on surs.org.

31 March 2026 trailing net performance (Investment Update)

Fund / sleeve	Market value (US$)	% port.	1y %	3y %	5y %	10y %
Total Fund	26,243,514,613	100.0	10.3	8.0	6.2	7.8
Traditional Growth	7,761,514,750	29.6	21.0	16.7	9.7	11.5
Stabilized Growth	6,047,624,655	23.0	6.0	4.1	3.2	—
Non-Traditional Growth	4,986,176,222	19.0	7.0	5.4	10.3	11.4
Principal Protection	2,004,581,301	7.6	4.9	3.9	1.0	2.0

rom the prior year. The System's investment rate of return was 6.4% (time weighted, net of all investment management fees). Given the long-term orientation of the SURS investment program, it is important to track investment returns over several time periods to correctly assess performance, especially given recent market volatility.

SURS investment portfolio returns are as follows: TIME PERIOD 1-YEAR 3-YEAR 5-YEAR 10-YEAR 20-YEAR 30-YEAR Time-Weighted Annualized Return 6.4% 6.7% 8.2% 7.0% 7.0% 7.8% The annualized rate of return over a 30-year period of 7.8% was higher than the actuarial rate of return assumption of 6.5% in effect for fiscal year 2025.

Under the direction of the Illinois Auditor General, the State Actuary recommends that the Board of Trustees annually review the interest rate, payroll growth, and inflation assumptions, should changes in market conditions or plan demographics call for such an adjustment.

Management's Discussion and Analysis Deductions from Fiduciary Net Position Deductions from fiduciary net position relate to the provision of retirement annuities and other benefits, refunds

Plans, membership & member service

Traditional Pension Plan — historical DB default; lifetime benefits; survivor benefit features described on surs.org.
Portable Pension Plan — DB with more generous separation refund; survivor provisions may reduce retirement/death benefits.
Retirement Savings Plan (RSP) — defined contribution; member + state contributions; investment-style choices.
Deferred Compensation Plan (DCP) — voluntary 457(b) supplemental savings; auto-enroll new hires at 3% default; auto-escalation +1%/year to 10% cap from 1 July 2024.

FY2025 member-service statistics (ACFR): 7,627 claims calculated; 80,834 calls and 6,887 member emails answered; 5,258 counseling sessions; 79 educational webinars/outreach events; 47 employer trainings and two employer seminars; 4,344 employer emails; member service satisfaction rating over 95%. Communications sent 939,477 informational emails and added 60 social posts.

SURS Deferred Compensation Plan (DCP) & Auto-Escalation Studies show that about 70% to 80% of pre-retirement income is needed in retirement to maintain the desired standard of living. Few members will reach that amount with their SURS core retirement benefit alone, and SURS members do not contribute to Social Security.

Therefore, SURS offers the supplemental Deferred Compensation Plan (DCP), a 457(b) plan designed for easy and convenient retirement savings. All active members are eligible to enroll. INTRODUCTION Letter of Transmittal Effective July 1, 2024, SURS added an auto-escalation feature to the Plan.

For auto-enrolled members, auto-escalation increases their contributions by 1% annually until either a cap of 10% is reached or the member chooses to opt out of the feature. 99% of members eligible for auto-escalation in fiscal year 2025 successfully had their contributions increased by 1%, improving their path to retirement security.

SURS also continues to auto-enroll new hires into the plan at a default contribution rate of 3%. Of the eligible new hires who have been auto-enrolled into the Plan, 83% did not choose to opt out. Awards and Recognition SURS defined contribution plans have received significant recognition in 2025.

The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) awarded SURS with their most prestigious award, the Art Caple’ In fiscal year 2025, the Member Service teams calculated 7,627 claims, answered 80,834 calls and 6,887 member emails, held 5,258 counseling sessions and 79 educational webinars and other member outreach events, conducted 47 employer trainings and two employer seminars, and responded to 4,344 employer emails.

The Communications team sent 939,477 informational emails to members, added 60 posts to social media, and made thousands of informational updates to surs.org. SURS is proud to have obtained a fiscal year 2025 member service satisfaction rating of over 95%. SURS Deferred Compensation Plan (DCP) & Auto-Escalation Studies show that about 70% to 80% of pre-retirement income is needed in retirement to maintain the desired standard of living.

Funding & state contributions

SURS is funded through non-employer (State of Illinois), employer, and employee contributions plus investment earnings. The Statutory Funding Plan requires annual state contributions equal to a constant percent of pensionable (capped) payroll necessary to allow the System to achieve a 90% funded ratio by end of fiscal year 2045, subject to actuarial revisions.

FY2025 certified State contribution: US$2,212,810,000, received in full by 5 May 2025.
Plan net position as % of total pension liability at 30 Jun 2025: 45.48%.
ACFR notes that although the statutory contribution was met, the Statutory Funding Policy creates a perpetual contribution variance of underfunding in earlier years relative to a normal-cost-plus-amortization benchmark.

This standard has enabled the System to invest in different types of asset classes seeking to increase return while lowering risk through diversification. The System retains professional investment firms who serve as fiduciaries and are afforded full discretion to manage the assets entrusted to them in accordance with written policies and guidelines established by the SURS Board of Trustees.

Controversies & debates

Official attributable framing first: SURS’s own ACFR states that funding remains a challenge despite meeting the FY2025 statutory contribution, because the statutory path underfunds relative to actuarial normal-cost-plus-amortization in earlier years. That is System language, not secondary editorializing.

Secondary public debate in Illinois often focuses on statewide pension funded ratios, Tier benefit design, and buyout programs referenced in ACFR discussion of state-funded retirement systems. This profile does not invent litigation outcomes or political narratives beyond what SURS publishes. Scam/fraud alerts on surs.org warn members about sophisticated phishing targeting pension systems—operational security, not investment controversy.

Name collision with Teacher Retirement System of Illinois (TRS Illinois) remains the primary documentation hazard for journalists and allocators: always verify whether a headline means universities (SURS) or K-12 teachers (TRS Illinois).

Timeline

1941 — University Retirement System created (21 July); Ruth Ellen Kunkel first employee/administrator.
1942 — About 3,760 participants.
1963 — Renamed State Universities Retirement System (SURS).
1998 — Portable DB plan and Retirement Savings Plan (DC) established.
2021 — Deferred Compensation Plan established; prior asset-liability study cycle referenced in FY2025 CIO letter.
1 Jul 2024 — DCP auto-escalation feature effective.
Feb–May 2025 — Pranav Kothari continues via IBHE chair role; Jeanine Jiganti appointed to Board.
FY2025 YE (30 Jun 2025) — ~US$25.2B DB investment assets; US$25.365B FNP; 6.4% net return; 45.48% funded ratio metric.
5 May 2025 — FY2025 US$2.21281B state contribution received in full.
31 Mar 2026 — Investment Update total fund ~US$26.24B; 1y net 10.3%.
31 Jul 2026 — Preliminary statutory DB assets ~US$27.28B.
11 Sep 2026 — UAO elite profile ships as Top 100 wrap (96th live elite).

Annex: Official USD AUM stack

Currency honesty rule: SURS publishes in USD. UAO does not invent FX conversions. Prefer the dated row that matches the research question (audited YE vs preliminary month-end vs quarterly update).

Layer	Include?	Notes
DB fiduciary net position / investment assets	Yes — core Top 100 scale	COMP-FY2025 audited
RSP / DCP third-party balances	Disclose separately	Explicitly excluded from FNP statement
Securities-lending collateral gross-ups	Read carefully in ACFR statements	Do not treat collateral as incremental AUM
Preliminary monthly statutory assets	Yes — mark preliminary	Subject to change; unaudited

Condensed FY2025 fiduciary net position bridge (reporting entity, $ millions): total assets 27,941.9; total liabilities 2,576.9; total fiduciary net position 25,365.0 versus 24,516.6 prior year (+848.4 / +3.5%).

Annex: Functional allocation

2025 2024 Traditional Growth Global Public Equity 35.0% 36.0% Stabilized Growth Core Real Assets 8.0 8.0 Public Credit Fixed Income 4.0 6.5 Private Credit 5.0 2.5 Non-Traditional Growth Private Equity 11.0 11.0 Non-Core Real Assets 5.0 4.0 Inflation Sensitive U.S.

TIPS 5.0 5.0 Principal Protection Core Fixed Income 10.0 10.0 Crisis Risk Offset Systematic Trend Following 10.0 10.0 Alternative Risk Premia 3.0 3.0 Long Duration 2.0 2.0 Long Volatility/Tail Risk 2.0 2.0 TOTAL 100.0%

July 2026 preliminary statutory allocation vs policy: Traditional Growth 30.0% (policy 30.0%); Stabilized Growth 22.3% (23.0%); Non-Traditional Growth 18.0% (19.0%); Principal Protection 7.1% (8.0%); Crisis Risk Offset 19.7% (20.0%); Cash 2.9% (0.0%).

Annex: Returns & interim update

SURS Investment Update - SURS Before You Call: Answers to Frequently Asked Questions M Important Notice about Protecting Your SURS Account SURS would like to alert members to a rise in sophisticated scam attempts targeting pension systems and financial institutions. – Read More Member Login Active Members Retirees Retirement Plans Traditional Plan Portable Plan Retirement Savings Plan Deferred Compensation Plan Employers Participating Employers Employer Website Reciprocal Act News & Events News Events Press Releases Publications Business About SURS Board of Trustees Investments Legislation Request For Proposal Resources Frequently Asked Questions Forms SURS Facts Videos Active Members Retirees Retirement Plans Traditional Plan Portable Plan Retirement Savings Plan Deferred Compensation Plan Employers Participating Employers Employer Website Reciprocal Act News & Events News Events Press Releases Publications Business About SURS Board of Trustees Investments Legislation Request For Proposal Resources Frequently Asked Questions Forms SURS Facts Videos Active Members Retirees Retirement Plans Traditional Plan Portable Plan Retirement Savings Plan Deferred Compensation Plan Employers Participating Employers Employer Website Reciprocal Act News & Events News Events Press Releases Publications Business About SURS Board of Trustees Investments Legislation Request For Proposal Resources Frequently Asked Questions Forms SURS Facts Videos SURS Investment Update Quarter Ending March 31, 2026 Asset Allocation Compliance Asset Allocation vs Interim Policy Category Current Value Interim Policy (%) Current (%) Overlay (%) Traditional Growth $7,761,514,750 32.00 29.60 29.80 Stabilized Growth $6,047,624,655 23.00 23.00 23.20 Non-Traditional Growth $4,986,176,222 17.00 19.00 19.10 Principal Protection $2,004,581,301 10.00 7.60 7.80 Crisis Risk Offset $4,475,953,746 18.00 17.10 20.10 Cash & Transition $702,343,646 0.00 2.70 0.00 Overlay $265,320,291 0.00 1.00 0.00 Total $26,243,514,612 100.00 100.00 100.00 Trailing Net Performance Trailing Asset Class Net Performance Fund Market Value ($) Percent of Portfolio QTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%) Total Fund 26,243,514,613 100.0 – 0.3 10.3 8.0 6.2 7.8 SURS Policy Benchmark 0.2 11.4 8.9 5.8 7.7 Total Fund ex Overlay 25,978,194,322 99.0 – 0.4 10.2 8.0 6.1 7.7 SURS Policy Benchmark 0.2 11.4 8.9 5.8 7.7 Broad Growth 18,795,315,628 71.6 – 0.6 13.6 10.9 7.9 9.4 Traditional Growth 7,761,514,750 29.6 – 2.3 21.0 16.7 9.7 11.5 SURS Traditional Growth Blend – 2.7 20.6 16.2 9.0 11.2 US Equity 2,670,802,698 10.2 – 4.2 17.6 17.6 10.9 13.4 Dow Jones U.S.

Total Stock Market Index – 4.0 18.1 17.8 10.8 13.6 Active US Equity 305,990,646 1.2 – 6.8 — — — — S&P 500 Index – 4.3 — — — — Passive US Equity 2,364,812,052 9.0 – 3.9 18.2 17.8 11.2 13.8 Dow Jones U.S. Total Stock Market Index – 4.0 18.1 17.8 10.8 13.6 Non US Equity 1,774,046,723 6.8 1.6 29.1 16.8 8.8 8.8 SURS Non US Equity Blend – 0.7 25.3 14.4 6.8 8.4 Active Non- US Equity 1,773,942,600 6.8 1.6 29.1 17.0 9.4 8.6 MSCI EAFE (Net) – 1.2 21.3 13.6 7.9 8.4 Passive Non- US Equity 104,123 0.0 – 2.3 – 15.4 6.6 2.0 5.6 MSCI AC World ex USA (Net) – 0.7 24.9 14.5 7.0 8.4 Global Equity 3,316,665,329 12.6 – 2.6 20.1 16.1 9.3 12.7 SURS Global Equity Blend – 2.7 20.6 16.2 9.0 11.2 Global Equity – Active 1,913,662,031 7.3 – 3.4 18.0 14.9 8.6 — Global Equity – Passive 1,403,003,297 5.3 – 1.6 23.7 18.0 10.5 — Stabilized Growth 6,047,624,655 23.0 0.4 6.0 4.1 3.2 — SURS Stabilized Growth Blend 0.1 5.4 3.1 2.4 — Stabilized Real Assets 1,620,824,533 6.2 0.2 1.5 – 2.9 3.7 4.2 SURS Stabilized Real Assets Blend 1.8 4.9 – 2.4 3.6 4.5 Core 906,653,920 3.5 1.0 4.3 – 2.3 3.7 4.0 NCREIF ODCE Net 1 Qtr Lag 0.7 2.9 – 4.3 2.5 3.9 Core Plus 525,017,198 2.0 – 1.3 – 2.4 – 4.4 3.1 — SURS Real Estate Blend 0.7 2.9 – 4.3 2.5 — Core Infrastructure 189,153,415 0.7 0.0 – 0.8 – 0.7 – 2.5 — FTSE Developed Core Infrastructure 50/50 Index 9.0 18.8 12.2 8.7 — Public Credit 3,158,264,280 12.0 – 0.2 7.8 8.8 3.9 — SURS Credit Fixed Income Blend – 0.6 6.2 7.6 2.9 — Diversified Credit 2,209,850,420 8.4 – 0.6 7.9 9.2 4.2 4.2 SURS Credit ex EMD Blend – 0.8 7.0 8.0 3.4 3.6 Bivium Credit 531,865,937 2.0 0.0 6.3 7.4 2.8 — Bivium Credit Blend – 0.6 5.8 6.7 1.6 — Convertibles 416,547,923 1.6 1.8 — — — — SURS Credit ex EMD Blend – 0.8 — — — — Private Credit 1,267,343,530 4.8 2.2 10.5 11.0 9.5 — SURS Private Credit Blend – 0.3 6.7 9.5 6.0 — Non Traditional Growth 4,986,176,222 19.0 0.6 7.0 5.4 10.3 11.4 SURS Non Traditional Growth Blend 2.9 18.1 15.7 10.5 12.6 Non- Core Real Assets 1,260,757,834 4.8 0.3 0.1 0.8 6.4 6.2 SURS Non Core Real Assets Blend 0.9 4.8 – 0.6 5.2 6.0 Non- Core Real Estate 770,965,067 2.9 – 0.5 – 2.9 – 1.7 5.2 5.5 NCREIF ODCE Net Lagged + 1.5% 1.1 4.5 – 2.8 4.0 5.4 Non- Core Real Estate Debt 141,962,757 0.5 2.2 7.3 4.9 5.5 — NCREIF ODCE Net Lagged + 1.5% 1.1 4.5 – 2.8 4.0 — Non- Core Infrastructure 259,477,523 1.0 1.2 6.6 7.4 11.7 9.4 CPI+5% 1 Qtr Lagged 1.0 7.8 8.1 9.7 8.3 Non- Core Farmland 88,352,487 0.3 1.1 0.7 0.7 4.3 — NCREIF Farmland 1 Qtr Lag – 0.7 0.2 1.3 4.2 — Private Equity- Fund of Funds 1,875,230,028 7.1 0.0 8.0 4.6 9.6 12.3 SURS PE Blend 3.7 24.1 22.1 12.8 15.2 Private Equity- Direct (Aksia) 1,850,188,359 7.1 1.4 11.0 11.3 13.7 — MSCI ACWI IMI +2% 1 Qtr Lag 3.7 24.1 22.1 12.9 — Inflation Sensitive 1 0.0 1.3 4.0 3.5 1.7 2.7 SURS Inflation Sensitive Blend 0.3 3.0 3.2 1.5 2.1 TIPS 1 0.0 1.3 4.0 3.5 1.7 2.8 Blmbg.

U.S. TIPS Index 0.3 3.0 3.2 1.5 2.7 Principal Protection 2,004,581,301 7.6 0.1 4.9 3.9 1.0 2.0 BC US Int Ag x Credit Blend 0.2 4.7 3.9 0.8 1.9 Crisis Risk Offset ex Tail Risk 4,406,289,147 16.8 0.1 0.7 0.8 2.9 — SURS CRO Blend 2.2 – 3.5 – 3.1 0.5 — Long Duration 836,016,138 3.2 – 0.4 0.8 – 1.4 – 4.4 — BBgBarc US Govt Long TR – 0.4 0.5 – 1.5 – 4.6 — Systematic Trend Following 1,767,650,591 6.7 2.3 3.0 – 0.2 4.4 — SURS Trend Following Index 2.0 – 8.2 – 7.2 0.0 — Alternative Risk Premia 1,470,904,553 5.6 – 3.8 0.4 8.9 7.4 — 90 Day T- Bills +2% 1.4 6.2 6.9 5.6 — Long Volatility 331,717,864 1.3 – 0.6 – 0.8 – 3.4 — — CBOE Eurekahedge Long Volatility Hedge Fund Index 6.6 4.5 0.5 — — Tail Risk 69,664,599 0.3 Cash Composite 702,281,656 2.7 Total Overlay 265,320,291 1.0 Chairperson: John Lyons Executive Director: Suzanne Mayer 1901 Fox Drive Champaign, Illinois 61820 Dial Toll Free: 800-275-7877 Dial Direct: 217-378-8800 Fax: 217-378-9800 Hours of Operation Monday | 8:00 a.m. — 4:30 p.m.

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Annex: CIO FY2025 report excerpts

In fiscal year 2025, the Investment Committee, assisted by our investment consultant and the investment team, engaged in a new asset-liability process over the course of several meetings. The new asset allocation targets for the next three to five-year cycle have a lower target to equities, eliminate TIPS, and increase our allocations to fixed income (both public and private), risk-reducing assets, and private equity.

With the same overall predicted volatility our expected return has increased slightly due to a more efficient allocation of risk given current valuation levels. The investment staff is working diligently to reallocate assets to these new targets. One of the most important changes made in 2021, during the prior study, was a shift to a new portfolio structure that was designed to protect the System's assets and to minimize the impact of near-term negative surprises.

The new asset allocation study slightly increased the allocation to these assets. These portfolios help to protect SURS assets when markets fall, such as during 2022, but result in weaker overall performance during strong equity markets like those seen in fiscal year 2023 and 2024.

The SURS investment portfolio produced modest returns over the course of the fiscal year with its defensive posture keeping total portfolio risk in check. The portfolio returned 6.4%, net of fees, outperforming the policy benchmark return of 6.1%. From a long-term perspective, the SURS portfolio has performed well, earning a 7.8% annualized rate of return over the past 30 years, exceeding the 7.6% policy portfolio return and matching the 7.8% actuarial assumed rate of return in effect over that time.

Sincerely, Michael C. Schlachter, CFA Chief Investment Officer Investment Summary The SURS Board of Trustees is charged with the responsibility of investing the assets entrusted to them solely for the benefit of the System’s participants and beneficiaries. The Trustees, in carrying out their responsibilities, adhere to applicable Illinois statutes and the prudent expert rule, which states that the Trustees must act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character with like aims.

In carrying out their fiduciary duties, the Trustees have set forth clearly defined investment policy, objectives, and strategies. Investment Policy The Board approves the Statement of Investment Policy, which outlines the investment philosophy and practices of SURS.

The policy describes the organizatio Key accomplishments during fiscal year 2025 include the completion of the asset-liability study, the addition of new portfolios in the equity asset class that improve our return/risk balance, searches for fixed income managers to implement the larger allocation to the asset class, the implementation of a new risk measurement and portfolio analytics software platform, three external hires to fill vacancies, a change in the fund structure of one of the options in the RSP and DCP which decreases costs for our members, and continued growth in the Private Credit and Real Estate portfolios through commitments to new investment partnerships.

Annex: Investment summary (ACFR)

The SURS Board of Trustees is charged with the responsibility of investing the assets entrusted to them solely for the benefit of the System’s participants and beneficiaries. The Trustees, in carrying out their responsibilities, adhere to applicable Illinois statutes and the prudent expert rule, which states that the Trustees must act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character with like aims.

The policy describes the organization and division of responsibilities necessary to implement the Board’s philosophy and objectives prudently; establishes a framework for making investment decisions and monitoring investment activity; and promotes effective communication between the Board, staff, and other involved parties.

Investment Objectives The investment objective of the total portfolio is to achieve long-term, sustainable, investment performance necessary to meet or exceed the System’s assumed rate of return, net of all management fees with appropriate consideration for portfolio volatility (risk) and liquidity.

Investment Strategies Strategic Asset Allocation The purpose of the strategic allocation is to establish a framework that has a high likelihood, in the judgment of the Board, of realizing the System’s long-term funding success. Strategic allocation involves establishing target allocation percentages for each approved strategic class and their sub-class components.

The most recent asset-liability study was completed in March 2025, increasing the allocations to fixed income, private credit, and the Crisis Risk Offset portfolio, while decreasing our investment in public equities and TIPS. These changes are anticipated to provide a slightly higher return at a similar total risk level as our previous asset allocation targets.

SURS functional asset classes are categorized broadly as growth oriented or diversifying. Growth-oriented strategies include risk-taking assets or strategies that produce high total returns relative to other asset classes. The three strategic components within this group are shown and described below. ● Traditional Growth Provide growth in line with traditional public equity markets (i.e., Global Equity). ● Stabilized Growth Provide growth through strategies that are exposed to market beta, exhibiting expected returns similar to Traditional Growth but with lower volatility (i.e., Core Real Assets, Private Credit, and Public Credit). ● Non-Traditional Growth Provide growth in excess of Traditional Growth through exposure to investments driven by exposure to the equity risk and illiquidity risk premiums (i.e., Private Equity and Non-Core Real Assets, which includes real estate, infrastructure, and farmland).

Diversifying strategies provide two forms of diversification via anchor strategies and offset strategies. Anchor strategies are characterized by low volatility and high liquidity. Offset strategies, in contrast, tend to be higher volatility strategies that have zero-to-negative correlation to public equity markets.

These strategies, described below, are designed to perform well in the event of a prolonged equity market downturn. ● Inflation Sensitive Provide an anchor to the portfolio with minimal exposure to equity risk that is designed to help protect the portfolio during periods of high inflation. (i.e., U.S.

TIPS). Investment Summary ● Principal Protection Provide an anchor to the portfolio by exhibiting low volatility with minimal exposure to equity risk. Designed to provide consistent, stable returns during most market environments and preserve principal during periods where growth investments are experiencing significant drawdowns (i.e., Core Fixed Income). ● Crisis Risk Offset Provide an offset to growth risk through liquid exposures to risk premiums expected to exhibit offsetting behavior to growth investments during periods of significant drawdown (i.e., Systematic Trend Following, Alternative Risk Premia, Long Durations Treasury, Long Volatility, and Tail Risk).

The following table shows the sub-asset classes from June 30, 2025, mapped into the appropriate functional class: Functional Asset Class Allocation

Largest holdings / supporting schedules (ACFR pointer)

Largest Holdings 101 Schedule of New Benefit Payments– 73 Summary Schedule of Domestic Defined Benefit Pension Plan Equity Investment Commissions 102 Schedule of Average Benefit Payments– 73 Summary Schedule of International Defined Benefit Pension Plan Retirees Equity Investment Commissions 103 Number of Covered Employees by Employer– 74 Summary Schedule of Global Defined Benefit Pension Plan Equity Investment Commissions 103 Number of Covered Employees by Employer– 75 Summary Schedule of Fixed Income Retirement Savings Plan Investment Brokerage 104 Schedule of Benefit Recipients by Type of Benefit– Defined Benefit Pension Plan 105 Participating Employers FOUNDATION FOR GROWTH OUR MISSION To secure and deliver the benefits promised to our members.

OUR VISION To be recognized as a respected leader among public pension plans. OUR GOALS • Assure the financial soundness of the System. • Achieve high levels of member and stakeholder satisfaction. • Be a great place to work with an emphasis on learning, growth, diversity, equity, and inclusion. • Develop and sustain efficiency, high-quality processes, tools, and technology. • Protect SURS assets through sound risk-management and ethical practices.

OUR CORE STRATEGIES • Secure the annual required contribution, manage expenses, produce risk-adjusted investment returns that exceed o

Annex: Statutory funding narrative

During fiscal year 2025, the portfolio returned 6.4%, net of fees, exceeding the policy benchmark return of 6.1% but sli Annually, the SURS actuary determines the annual statutory contribution needed to meet current and future benefit obligations in accordance with the Illinois Pension Code, which sets forth the manner of calculating the statutory contribution under the Statutory Funding Plan.

Annex: DCP & member operations

Few members will reach that amount with their SURS core retirement benefit alone, and SURS members do not contribute to Social Security. Therefore, SURS offers the supplemental Deferred Compensation Plan (DCP), a 457(b) plan designed for easy and convenient retirement savings.

All active members are eligible to enroll. INTRODUCTION Letter of Transmittal Effective July 1, 2024, SURS added an auto-escalation feature to the Plan. For auto-enrolled members, auto-escalation increases their contributions by 1% annually until either a cap of 10% is reached or the member chooses to opt out of the feature.

99% of members eligible for auto-escalation in fiscal year 2025 successfully had their contributions increased by 1%, improving their path to retirement security. SURS also continues to auto-enroll new hires into the plan a 2025 FOUNDATION FOR GROWTH ANNUAL FINANCIAL REPORT SUMMARY Table of Contents Message from the Executive Director ..............................................................................................................

1 Board of Trustees ..................................................................................................................................................2 Organizational Chart ............................................................................................................................................3 Executive Team......................................................................................................................................................3 Awards & Recognition..........................................................................................................................................3 Membership ...........................................................................................................................................................4 Defined Benefit Plan – Breakdown of Membership – Number of Benefit Recipients 5-Year Summary – Average Annuity Payments For Retirees Defined Contribution Plan – Breakdown of Membership – Participating Employers Financial ..................................................................................................................................................................5 Highlights Analysis Condensed Statement of Plan Net Position Condensed Statement of Changes in Plan Net Position Funding ...................................................................................................................................................................6 Schedule of Employer Contributions Historical Funding Ratios Investments ............................................................................................................................................................7 Strategic Asset Allocation Investment Objectives Fiscal Year Investment Results Long-Term Investment Results Committment to Diversity Defined Contribution Plans Legislation...............................................................................................................................................................8 Customer Service Statistics ................................................................................................................................8 Number of SURS Employees..............................................................................................................................8 Employers ...............................................................................................................................................................9 Breakdown of Participating Employers Employer List Profile SURS is the administrator of a cost-sharing, multiple-employer public employee retirement system.

FAQ

What is the State Universities Retirement System of Illinois (SURS)?

SURS is the cost-sharing, multiple-employer public employee retirement system that administers retirement and related benefits for employees of Illinois state universities, community colleges, and certain state agencies under Articles 1 and 15 of the Illinois Pension Code. It was established in 1941 as the University Retirement System and adopted its current name in 1963. Official site: surs.org.

Is SURS the same as the Teacher Retirement System of Illinois (TRS Illinois)?

No. SURS covers state university, community-college, and certain agency employees. TRS Illinois covers K-12 public school teachers and related members. They are separate Illinois public pension systems with different boards, leadership, membership, and AUM. UAO profiles them as distinct Registry institutions.

What official USD assets has SURS published recently?

As of 30 June 2025 (COMP-FY2025), defined-benefit investment assets held in trust were about US$25.2 billion and fiduciary net position was US$25.365 billion. The Retirement Savings Plan and Deferred Compensation Plan, administered by a third party and not included in that fiduciary net-position statement, were valued at about US$4.9 billion and US$131.5 million. SURS’s 31 March 2026 Investment Update showed a total fund of about US$26.24 billion. Preliminary statutory disclosure as of 31 July 2026 reported defined-benefit assets of about US$27.28 billion.

Who is the Executive Director and who is the Chief Investment Officer?

Suzanne Mayer is Executive Director. Michael C. Schlachter, CFA, is Chief Investment Officer. Both are listed on surs.org About SURS / senior administrative staff and in the FY2025 Annual Comprehensive Financial Report.

How is SURS governed?

An 11-member Board of Trustees: four elected by active members, two elected by annuitants, and five appointed by the Governor of Illinois (one of whom is the chair of the Illinois Board of Higher Education). The Governor designates the Board chairperson. Trustees serve six-year terms. John Lyons is Chairperson on the official About page.

What retirement plans does SURS administer?

Four plans: the Traditional defined-benefit Pension Plan (historical default), the Portable defined-benefit Pension Plan (1998), the Retirement Savings Plan (defined contribution, 1998), and the SURS Deferred Compensation Plan (457(b) supplemental plan, 2021) with auto-enrollment/auto-escalation features described in FY2025 reporting.

What returns has SURS reported?

For fiscal year 2025, the defined-benefit portfolio’s time-weighted return was 6.4% net of fees, above the 6.1% policy benchmark and slightly below the 6.5% actuarial assumption. COMP-FY2025 also cites 3-year 6.7%, 5-year 8.2%, 10-year 7.0%, 20-year 7.0%, and 30-year 7.8% annualized. The 31 March 2026 Investment Update shows trailing one-year total-fund net return of 10.3%.

What is SURS’s funded status?

As of 30 June 2025, plan net position as a percentage of total pension liability was 45.48%. Illinois statute targets a 90% funded ratio by the end of fiscal year 2045. The FY2025 certified State contribution of US$2,212,810,000 was received in full by 5 May 2025.

How does SURS describe its strategic asset allocation?

SURS organizes the defined-benefit portfolio into functional classes such as Traditional Growth, Stabilized Growth, Non-Traditional Growth, Principal Protection, and Crisis Risk Offset (plus cash/transition and overlays in interim reporting). FY2025 reporting describes a completed asset-liability study that lowered the equity target, eliminated TIPS, and increased fixed income, risk-reducing assets, and private equity for the next three-to-five-year cycle.

What diversity / MWDB figures does SURS publish?

In the FY2025 Report of Investment Activity, CIO Michael Schlachter stated that investments with firms owned by minorities, women, and persons with a disability (MWDB) represented approximately US$11.7 billion, or 47.5% of the total fund, up 0.7 percentage points from fiscal 2024.

Is SURS a sovereign wealth fund?

No. SURS is an Illinois public pension system for higher-education and related public employees. It is not a sovereign wealth fund. UAO Top 100 includes both SWFs and large public pensions as asset-owner institutions.

Where should researchers send UAO Registry corrections?

Email info@universalassetowners.com. Prefer official SURS primary documents (surs.org ACFR, Investment Update, statutory investment disclosures) over secondary press when correcting AUM, leadership, or mandate facts. Keep SURS distinct from TRS Illinois.

Sources & further reading

surs.org — official home
COMP-FY2025 / FY2025 ACFR (PDF)
Annual Report Summary 2025 (PDF)
About SURS — governance, senior staff, history
SURS Investment Update (quarter ending 31 Mar 2026)
Statutory Investment Information
Investments
Official videos (Vimeo)
Vimeo @surs
Teacher Retirement System of Illinois (TRS Illinois) — disambiguation peer (already live)
UAO Top 100 · Registry

Official video

Official SURS Vimeo media (author SURS / vimeo.com/surs). Embedded below: SURS Spring Stakeholder Meeting and Townhall (Vimeo 1188192324; oEmbed uploadDate 2026-04-30).

Channel: vimeo.com/surs. Additional official tutorials (Lifetime Income Strategy, CIP/SEGIP overviews, Benefit Estimator) are listed on surs.org/resources/videos/.

Completeness note

This elite profile targets ~10k+ sourced words from SURS primaries folded on 11 September 2026. Non-blocking expansions: full manager-fee tables, complete largest-holdings schedules, actuarial assumption exhibits, employer-level census tables, and any dedicated climate/proxy PDFs published after this research date. No filler invented AUM, people, or seats. Daily-refresh remains disabled. Desk untouched.