Retirement & Investment Plans
Rollover or Consolidation of Prior Employer Retirement Plan
If you participated in a retirement plan through a previous employer, you may be interested in opportunities for consolidating that plan with one of the plans offered to University of Illinois employees. Consolidating plans can make review and maintenance of your retirement accounts easier; however, you should consult your tax professional or financial advisor about your specific situation before making this decision.
Rollover of funds from existing retirement accounts is only allowed with the SURS Self-Managed Plan option. For more information on these rollovers, consult the SURS Self-Managed Plan Guide or call SURS at 800-275-7877.
University of Illinois Supplemental 403(b) Retirement Plan
Rollovers into the traditional pre-tax 403(b) plan are allowed from the following types of pre-tax plans: 401(a), 401(k), 403(a), 403(b), and public 457(b) deferred compensation plans. Rollovers into the Roth 403(b) plan are only allowed from other post-tax retirement plans, such as a Roth 401(a), Roth 401(k), or another Roth 403(b) plan. It is recommended that you meet with a TIAA-CREF or Fidelity retirement counselor on campus to assist you with the rollover process and discuss any tax implications for the rollover into the 403(b). See Benefits Forms for a link to the TIAA-CREF form.
State of Illinois 457(b) Deferred Compensation Plan
The 457(b) plan accepts rollovers from existing 457(b), 401(k), 403(b), and traditional IRAs. Print out the Form for Direct Rollover into the Illinois Plan. If you have questions regarding rollovers into the State 457(b) plan, contact the Deferred Compensation Office in Springfield at 217-782-7006 or 800-442-1300.
This information is provided with the understanding that it is a source of information and does not constitute legal, tax, or other professional advice. If legal advice or other professional assistance is required, the services of a professional advisor should be sought.