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), State Deferred Comp 457 Plan, or SURS Deferred Comp 457 Plan. Action is required to defer your payout.
The appropriate form(s) must be completed and received by University Payroll & 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.
- You must have a University of Illinois account to defer your payout. Go to the Systems HR Services Website to view plan information and to open a 403(b) and/or 457 Plan account.
- Retrieve the Benefits Payout Deferral Worksheet on the System HR Services website. Complete the top portion of the worksheet and send to your Unit HR person. They will calculate your estimated unused vacation and/or compensable sick leave payout. This is required to complete the 403(b) and/or 457 Plan deferral forms below.
- You will need to contact UPB for assistance in completing these forms:
