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Retirement

This section provides information about retiring from the University of Illinois. Whether you are preparing to retire or already retired from the University you will find valuable information about this transitional time. Employees retiring from the University should contact their campus Human Resources office for information on retirement processing, including details on vacation and sick leave payout.

Please select from the following for further information:

Considering Retirement? - Review this short list of the most requested resources.
Retiree Benefits
Resignation Retirement Form for Employees
Exit Checklist for Employees
Exit Checklist for Departments/Units
Medicare
Financial Considerations
State Universities Retirement System (SURS)
Programs and Services for Retirees
Returning from Retirement
Additional Resources & FAQs
Policies


Financial Considerations

You may wish to consult with a tax advisor or financial planner at this time for assistance with your planning strategy or reevaluating any financial goals. Some items to consider:

How much money will I need when I retire?
According to the U.S. Department of Labor, an easy rule of thumb is that you'll need to replace 70 to 90 percent of your pre-retirement income. If you're making $50,000 a year (before taxes), you might need $35,000 to $45,000 a year in retirement income to enjoy the same standard of living you had before retirement. Think of this as your annual "cost" of retirement. The lower your income, generally the higher the portion of it you will need to replace. For more information, see the U.S. Department of Labor publication, A Guide to Your Money and Your Financial Future or contact a financial planner.

A number of online tools and calculators can help you estimate your retirement expenses:

  • SURS Benefits Estimator - Use the estimator to get a "ballpark figure" of your retirement benefit under differing scenarios. You will need your SURS Member ID to use this tool. This estimator is for Traditional and Portable Plan participants only. Self-Managed Plan (SMP) participants are encouraged to contact their fund Provider(s) for benefit estimates or log on to the member website and look in Quick Links for SMP calculators.
  • CNN Money Retirement Planner Calculator
  • American Savings Education Council's Ballpark Estimate of Retirement Needs
  • Fidelity - Select "Resources" then "Tools and Calculators". Some require a Fidelity customer login.
  • TIAA-CREF - A number of tools and calculators are available. Some require a TIAA-CREF customer login.
  • T. Rowe Price - Select "Investment Guidance and Tools", and then click "Tools & Calculators".

Am I eligible to make "Catch-Up" contributions to my supplemental retirement accounts?
If you are at least age 50 or have 15 years of service, you may be eligible for options to make catch-up contributions in both the 403(b) and 457(b) plans. See Contributions to the 403(b) Plan and State of Illinois 457(b) Deferred Compensation Plan for an explanation of catch-up contributions.


State Universities Retirement System (SURS)

  • SURS Benefits Estimator - Use the estimator to get a "ballpark figure" of your retirement benefit under differing scenarios. You will need your SURS Member ID to use this tool. This estimator is for Traditional and Portable Plan participants only. Self-Managed Plan (SMP) participants are encouraged to contact their fund Provider(s) for benefit estimates or log on to the member website and look in Quick Links for SMP calculators.
  • SURS Benefit Recipient Home Page - provides information on retirement annuities, death benefits, and survivor benefits. It also provides access to useful forms, guides, web links, and frequently asked questions about SURS topics.
  • SURS Individual Counseling (PDF Format) - If you are within 4 years of retirement, you may be eligible for a counseling session with SURS. This document provides information on requesting an appointment with a SURS counselor and the steps you will take to complete the retirement process.
  • SURS Retirement Annuity Fact Sheet (PDF Format) - this applies to the Traditional and Portable plans only.
  • SURS Self-Managed Plan Retirement Planning Fact Sheet (PDF Format) - this applies to the SMP plan only.
  • SURS Retirement Preparation Checklist (PDF Format) - SURS has compiled a list of documents to gather and information to consider as you plan to retire.

Programs & Services for Retirees


Returning from Retirement

The State Universities Retirement System (SURS) policy for reemployed retirees stipulates the following:

  • A Traditional or Portable plan retiree may not return to employment with a SURS-covered employer for at least 60 days after the retirement date. This does not apply to an SMP member that returns to work with a SURS-covered employer.
  • Employees in the Traditional or Portable plan who retire after age 60 -- in any academic year, a reemployed retiree's earnings, plus the annual base annuity from SURS, cannot be greater than their highest earnings during any academic year before retirement. This does not apply to an SMP member that returns to work with a SURS-covered employer.
  • Employees in the Traditional or Portable plan who retire before age 60 -- a monthly earnings limit applies: the monthly earnings cannot exceed the base monthly gross annuity in any one-month period. This does not apply to an SMP member that returns to work with a SURS-covered employer.

Retired academic and staff employees' salaries, upon reemployment, must be within the limits set by the State Universities Retirement System (SURS). This does not apply to an SMP member that returns to work with a SURS-covered employer.

This policy does not change in any way the regular and existing University decision-making processes with regard to the employment of retirees. Any exception to the above policy may result in a reduction or suspension of the retiree's SURS annuity.

PLEASE NOTE: Returning University retirees are subject to Medicare withholding. Contact UPB Payroll Services for additional information.


Additional Resources & FAQs


Policies

Select from the appropriate employee group and campus for specific policy information.

Civil Service Policy and Rules

Rule 2.10 - Retirement
Rule 7.06 - Pay for Vacation and Personal Leave Upon Termination
Rule 10.06 - Sick Leave Compensation Upon Termination
Rule 12.05 - Group Insurance Continuation Following Retirement

Academic Policies

Urbana
Academic Staff Handbook, Chapter 4: Initiating or Terminating Employment
Campus Administrative Manual (CAM): Sick Leave Policy for Academic Staff Members

Chicago
Payment of Terminal Benefits for Academic Employees
Payment of Terminal Benefits for Support Staff Employees
Restoration of Leave Time upon Return to the University

Springfield
Contact the campus Human Resources office.

 


Maintained by University Human Resources | Contact Information | Last Update: 21-February-2014 | ID: 1124