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Retirement

University of Illinois Benefits

The following guidelines assume your monthly retirement annuity begins immediately following retirement.

Employee and Dependents Term Life Insurance
Coverage may continue on same three-year term basis to age 70; premium remains the same as that for an active employee plus a $15 annual billing fee. Children may be covered to age 25 regardless of status as your dependent. Premiums are be billed quarterly by the company; the first bill should be received within three months of retirement.

Employee and Dependents Accidental Death and Dismemberment Insurance
Coverage may continue up to $100,000 for one year following retirement. You must pay premiums in advance at retirement.

Employee Long Term Disability
Coverage terminates at retirement.

Supplemental 403(b) Retirement Plan
Employee contributions stop at retirement. The IRS required minimum distribution of pre-tax and Roth funds can be delayed until the latter of the calendar year in which the participant attains age 70 1/2 or terminates employment with the University.

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Maintained by University Human Resources | Contact Information | Last Update: 21-September-2017 | ID: 1182