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Question:

Retirement and taxesI 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.

March 2011

Human Resources

Benefits contact:

Deanna Boyer
dboye2@uis.edu
217/206-7144

Read more about retirement & investment plans