Illinois State Universities Retirement System, Champaign, issued an RFP for consulting firms to provide a comprehensive compensation study of its 120 staff positions.
Illinois SURS, which oversees $16 billion in defined benefit assets and $1.3 billion in 401(a) assets, cited a number of objectives of the study, including tying compensation increases to performance; recommending alternative pay systems that align with and support operational goals; providing options for compensating employees who are at the maximum in their salary range; benchmarking compensation to comparable positions in other Illinois government and private-sector organizations; maintaining employee satisfaction by providing a competitive compensation program; and identifying any salary inequity issues as well as recommend a strategy for addressing them.
The RFP is available on SURS' website. Proposals are due Dec. 16. The SURS board expects make a decision Dec. 19.
Further details were unavailable. William Mabe, executive director, couldn't be reached for comment.