Question:

I am retiring or leaving the university, and I have vacation and/or compensable sick leave balances which will be paid to me in my separation payout. Is there any way to defer paying taxes on the payout?

Answer:

The university permits employees to defer vacation and compensable sick leave payouts to their 403(b) or 457(b) plans. If you are interested in making a deferral upon separation from the University, contact your UIS Benefits Office: Deanna Boyer, 206-7144, at least 60 days prior to your last day of employment to submit an election form.