Employees who will be retiring or terminating employment may direct a portion of their Terminal Benefit Payout into any combination of the 403(b), State of Illinois 457 Deferred Compensation, and/or SURS Deferred Compensation retirement plans.
An estimate of the payout, completed by the department/unit human resources person, is required to ensure contribution calculations are as accurate as possible. The form can be found by selecting the Benefits Payout Deferral Worksheet on hr.uillinois.edu/benefits/forms.
Elections for the terminal benefit payout to contribute to the University’s 403(b) and/or 457 Plans can be accepted by UPB up to 60 days prior to the last regular paycheck. It is highly recommended that all elections be received by the UPB office as early as possible.
