Employees can make deferrals to their 403(b), 457(b), or Roth 403(b) plan accounts from vacation and/or compensable sick leave payouts when separating or retiring from the University (also referred to as terminal benefit payouts or "TBP").
If you are not already contributing to a 403(b) or 457(b) account or would like to change your current contribution amount, see the following links for enrollment or change information. Your terminal benefit payout funds can be deposited to:
· University 403(b) Plan vendors Fidelity and/or TIAA-CREF
· 403(b) Enrollment, Change and Plan Information
· State of Illinois 457(b) Deferred Compensation Plan
· Enrollment Form
· Change Form
· Beneficiary Election Form
Contribution limits are based on IRS policy and payroll limitations. The amount you may defer is limited to 80% of the payout or the IRS contribution limit, whichever is less.
Contact your campus UPB Benefits Services office on or before 60 days prior to your last day of employment to submit an election form or for further information.