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. A motion 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 it to your Unit HR person by email. 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:
- 403(b) Plan Deferral – a paper Salary Reduction and Redirection Agreement form. The Payout Designation section is at the top of page 2.
- 457 Deferred Comp Plan Deferral – Contact UPB for the appropriate paper form.
Delays in processing HRFE separations can cause premiums to be deducted in error. The employee will have to wait to be refunded through the State Comptroller's Office. This also creates a delay in the COBRA offer letter being mailed.
