This is a general reminder to all benefits-eligible employees that when planning for retirement or separation from the University, employees are allowed to defer vacation and/or compensable sick leave to a pre-tax or post-tax Roth 403(b) or 457 Plan account. Appropriate forms, which are indicated below, should be completed and received by University Payroll and Benefits (UPB) at least 60 days before the last date of employment.
Are you planning to retire or separate from University employment? If so, you may be eligible to defer your vacation and/or compensable sick leave payouts to your University 403(b) or State Deferred Comp 457 Plan account. Action is required to defer your payout.
The appropriate forms must be completed and received by UPB no later than 60 days before your last date of employment. Even if you have an existing 403(b) or 457 account, you must complete and submit these forms to defer your payout.
- You are encouraged to contact UPB for assistance in completing these forms.
- Ask your unit HR contact or business manager to complete and fax to UPB the Unit HR Calculation Worksheet estimating your payout amount. This is required to complete the 403(b) and/or 457 Plan Deferral forms below.
- 403(b) Plan Deferral – Complete a paper Salary Reduction and/or Redirection Agreement form. The Payout Designation section is at the top of page 2.
- 457 Deferred Comp Plan Deferral – Contact UPB to complete the appropriate paper form.
- Submit your completed form(s) to UPB no later than 60 days before your last date of employment.
See Leave Payout information in NESSIE for a calculator to estimate your payout.
Questions?
To complete the forms, or if you have further questions, contact UPB:
- Email: benefits@uillinois.edu
- Urbana: 217-333-3111
- Chicago: 312-996-6471
- Springfield: 217-206-7144 or 217-206-7211
- Fax Number: 217-244-3135
