blog posts Vacation and Sick Leave Payouts FY252025Issue 2 Images 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 Benefits Payout Deferral Worksheet can be found on the Benefits Forms page under the Deferring Vacation/Sick Leave Payouts section near the bottom of the page.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.
