This is a general reminder to all benefits-eligible employees about planning for retirement or separation from the University.
Are you planning to retire or separate from University employment? If so, you may be eligible to defer a portion of your vacation and/or compensable sick leave payout to your University 403(b) or State Deferred Comp 457 Plan account. Action is required to defer your payout.
The appropriate form(s) must be completed and received by University Payroll and Benefits (UPB) no later than 60 days before your last day of employment. Even if you have an existing 403(b) or 457 account, you must complete and submit these forms to defer your payout.
- If you do not have an active account under one of these plans, then you must open an account to defer your payout. Go to NESSIE to view plan information and to open a 403(b) and/or 457 Plan account.
- 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.
- You are encouraged to contact UPB for assistance in completing these forms:
- 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 day of employment.
See Leave Payout information in NESSIE for a calculator to estimate your payout.
Questions?
To complete the forms, or if you have questions, contact UPB:
- Email: benefits@uillinois.edu
- Urbana: 217-265-6363
- Chicago: 312-996-7200
- Springfield: 217-206-7144
- Fax Number: 217-244-3135
