If you plan to retire or separate from university employment, you may be eligible to defer a portion of your vacation and/or compensable sick leave payout to a University 403(b) plan, a State Deferred Compensation 457 plan, or a SURS Deferred Compensation 457 plan. Action is required to defer your payout.
All required forms must be received by University Payroll & Benefits (UPB) no later than 60 days before your final day of employment. Even if you have an existing 403(b) or 457 account, you must complete and submit forms to defer your payout.
- You must have a University of Illinois 403(b) and/or 457 account to defer your payout.
- Retrieve the Benefits Payout Deferral Worksheet on the System HR Services website. Complete the top portion of the worksheet and email it to your Unit HR contact. Your HR person will calculate your estimated 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:
- For 403(b) deferrals: Use the paper Salary Reduction and/or Redirection Agreement (SRA) form. Fill out the “Payout Designation” section at the top of page 2.
- For 457 plan deferrals (State or SURS): UPB will provide the appropriate paper form.
