Retirement | UIC Human Resources (2024)

The University of Illinois offers a comprehensive retirement package to help employees plan for future financial stability. This includes participation in the State Universities Retirement System (SURS) and two optional retirement plans: 403(b) and 457(b).

For information about retirement and investment plans, as well as additional planning tools and information, visit the University of Illinois Systems Human Resources website Retirement and Investment Planspage.

Retirement planning at UIC has gone virtual making information and links available 24/7 as you prepare for your retirement from UIC. Below you will find timelines and links to important websites and action items for you to complete to support your post-working days.

State Universities Retirement System (SURS)

Learn about retirement plans
SURS offers a series of seminars and webinars for employees who are new, mid-career, and considering retirement. See SURS Seminars & Webinars. Please contact SURS directly with questions or registration for these SURS sessions.
• SURS has a recording of their presentation available as a webinar on their website that employees can access at any time: Understanding Your SURS Benefits
• Ready to Retire? Go To Retirement Plans to find applications
• SURS Educational Events Calendar
• SURS Retirement Resources you will find forms, FAQ’s, Retirement Preparation checklist, Videos

Scheduling a Counseling Session with SURS

Scheduling a SURS Retirement Savings Plan Counseling Session
• To schedule a counseling session for the SURS RSP, visit the SURS RSP Defined Contribution Plan Scheduler and login to schedule an appointment. You may also call 800-613-9543 or TDD 800-579-5708 to speak with a defined contribution center service associate.
SURS Retirement Counseling Appointments – Traditional and Portable
• Counseling with SURS to receive an estimate of your benefits is only available to employees within four years of retirement eligibility. For more information, see SURS Retirement Counseling.
• Telephone and virtual counseling appointments are available and can be scheduled via the SURS Member website after you complete and submit the Retirement Estimate Request form online or call SURS to obtain a form. For a virtual appointment, members must have a computer/tablet with a camera, microphone and speakers/headphones, or a smartphone, a reliable internet connection, and the Microsoft Teams app installed.

Planning for retirement starts early.

Each Year You Are With UIC

Each year you are employed with UIC you should review and consider the following as applicable to you.
Verify your beneficiary designations with the following plans:
• State of Illinois (Securian) Life/AD&D
• University AD&D (The Hartford)
• State University Retirement plan (SURS)
• Supplemental Retirement Plans
• 403B (TIAA & Fidelity)
• Deferred Compensation (T. Rowe Price)

Four Years Prior

Four (4) years prior to your planned retirement date, schedule a counseling appointment with State Universities Retire System (SURS)
• Schedule appointments at SURS.org
• Log into SURS member webpage
• Select Retirement Counseling Link
• RSP [Retirement Savings Plan] or DCP [Defined Contribution Plan] Account Review
• Schedule appointments at sursrsp.timetap.com

60-90 Days Prior

• Review and verify your accumulated vacation and sick leave balances.
o Civil Service Employees – biweekly earnings statement.
o Academic Employees – August 15 balances on October & November earnings statements; contact your HR unit for current balances.

• Complete and file application to retire with SURS.
o General Formula Only: Decide if you want to waive part or all of any compensable sick leave for a maximum of one year service credit.

• If you have service time with another public retirement system in the State of Illinois, you should contact that system(s) for an application.

• Option to contribute a portion of vacation and/or compensable sick balances to 403(b) or 457 plan.

60 Days Prior

• Terminal Benefit Payout (TBP)
o Unit HR/Business Manager completes the Terminal Benefit Payout Calculation Sheet
o Defer to the 403b Plan and/or 457 Deferred Compensation Plan uses a paper form

• Meet with University Payroll and Benefits (UPB)

• Consider Optional State Employee and or Dependent Life Insurance (Securian)

• Consider State Spouse Life and Child Life Insurance
o Continuation of coverage is available

• Medical Care Assistance Program (MCAP)
o May continue participation for the remainder of the plan year
o Complete MCAP Continuation Election Form prior to retirement

• University Life Insurance (VOYA)
o Contact VOYA at 800-372-5288

• University AD&D (The Hartford)

30 Days Prior

• Give your unit (supervisor/department HR contact) a retirement notification indicating your last day of work (email or paper)

Before You Leave UIC

Work with your unit to determine if you have an estimated vacation and/or compensable sick leave payout, this transaction cannot be initiated until after your final pay date. This separation payout is for unused vacation time and compensable sick leave and is processed by your unit. Questions should be directed to your unit.
• Faculty and Academic Professional: Report your final vacation/sick leave usage to your department.
• Civil Service: Balances are captured through time reporting.
• Complete a waiver form if you are going to waive any of your compensable sick leave for service credit.
• Complete the exit checklist and procedures with your unit (keys, computers, University property, etc.).

Update your mailing address and email in My UI Info. You will have access up to 3 months after retirement. If more than 3 months after retirement, contact Payroll at payinq@uillinois.edu for an address change form.

Go to the UIC ID Center for your retirement ID. ID Centers are located in the UIC Student Centers. Check the website for locations and hours.

Working after Retirement

• Employment at any SURS institution must be at least 61 days (even unpaid or emeritus) after retirement to avoid annuity impact.
• Return-to-work limitations apply to pay received for services performed at a SURS covered employer.
• If you return to work within 60 days after you retire, your annuity will be canceled, you will again participate in SURS, and you must repay all annuity payments.
• You must have a clear separation from the University and no agreement, written or oral, of post-retirement employment.
• All appointments or reappointments will require prior approval by the designated campus authority. Some will also require prior approval from the Board of Trustees.
• Units are responsible for monitoring the guidelines and earnings of their rehired retirees.

Faculty Affairs

Faculty Affairs
2731 University Hall, M/C 103
601 S. Morgan Street
Chicago, IL 60607
312-413-3470

UIC Human Resources Service Center

UIC Human Resources Service Center
715 S. Wood Street, M/C 900
Chicago, IL 60612
312-413-3490

Scheduling a Counseling Session

Your spouse or other family member is welcome to attend the session with you.
Some topics counselors are prepared to discuss include:
• Enrollment in the 403(b) Plan
• Rollover of money from other plans
• General savings strategies
• Choosing the right mix of investments
• Retirement readiness

Fidelity Investments

Fidelity Investments: Visit the Fidelity counseling registration page and select your university. You can also call Fidelity at 800-642-7131.

Virtual Webinars and Seminars
Fidelity Webcasts

TIAA

TIAA: Visit the TIAA counseling registration page and choose “Meet At Work” to begin the process. If you already have an account with TIAA, you may also log in to set up an appointment. You can also call TIAA at 800-732-8353.

Virtual Webinars and Seminars
TIAA Webinars

Stay Connected with UIC

Many of the benefits eligible to current UIC employees transfer over after retirement. The UIC Retirement Guide outlines the opportunities and services available to retirees. Benefits include a University Retiree ID card, library access, discounted access to events and activities, financial services, and continuing education.
Please see the UIC Retirement Guide for a full description of services.

UIC Website

UIC Today

UIC "I-Card"

The retiree identification I-card provides retired UIC employees the opportunity to enjoy many of the privileges and services offered by the University. Visit the UIC ID Center for requirements to obtain your Retiree I-Card.

Emeritus/Emerita Status

For more information about emeritus/emerita status visit the Office of the Vice Provost for Faculty Affairs.

Educational Benefits

Retirees may enjoy continued access to UIC courses and Tuition Waivers.
For information regarding UIC admissions visit the Office of Admissions and Records.
For information regarding Tuition Waiver Benefits visit the System Human Resources Services website.

UIC Extended Campus

UIC Extended Campus provides learners of all ages with innovative and transformative programs to further their growth as individuals. Visit UIC Extended Campus for more information.

University Library

The University Library is open to all retirees (except when emergency health protocols apply).

• Retirees with i-cards and active netIDs can borrow UIC Library materials for loan periods the same as when they were employed, access all e-resources, and request inter library loans.
• Retirees without i-cards may request a borrowing card for physical materials at Daley Library and Library of the Health Sciences-Chicago only:https://library.uic.edu/

UIC Athletics

Continue to support The Flames Athletic Teams.
Participate in events at the UIC Credit One Arena.

UIC Student Centers

UIC Has two student centers on campus – Student Center East and Student Center West.
For more information on facilities and activities visit UIC Student Centers.

Campus Parking

For current parking rates and maps of locations visit Campus Parking.

Campus Recreation

For more information, contact Campus Recreation at 312.413.5150 or visit the Campus Recreation website.

UIC Benefits

For information about UIC Benefits in retirement visit the System Human Resources website.

The Benefits Center at UIC
809 S. Marshfield Ave; 1st Floor; M/C 547
Chicago, IL 60612-7205
Phone: 312.996.7200
Fax: 217.244.3135
Email: benefits@uillinois.edu

UI Health

The University of Illinois Hospital and Clinics is a patient-centered organization. Providing safe, high-quality, and cost-effective care for our patients is our foremost responsibility. The care of our patients and their families will always be at the heart of our mission.
For more information about the services available from UI Health visit the website or call 312.996.3900.

Credit Union 1

Credit Union 1 is a full-service financial institution. For information visit Credit Union 1.

IRS

http://www.irs.gov/retirement-plans

Medicare

Visit Medicare.gov https://www.medicare.gov/ to find more detailed Medicare cost information by service, and to see how Medicare calculates late enrollment penalties. Or call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.

• Handout –2021 Medicare Costs

Social Security Administration

Social Security Administration website https://www.ssa.gov/

• Handout – Social Security Administration – How to Apply Online for Benefits
• Handout – Social Security Administration –Government Pension Offset
• Handout – Social Security Administration –Your SSA Retirement Checklist
• Handout – Social Security Administration –Windfall Elimination Provision

AARP

http://www.aarp.org/

UIC SUAA, State Universities Annuitants Association (SUAA)

The UIC chapter of the State Universities Annuitants Association (SUAA), with over 1,500 members, exists to promote the individual and collective interests and welfare of its members and of all UIC retirees. It endeavors, in association with 52 other chapters in Illinois, to achieve legislation favorable to retirees and to keep members informed of pending legislation that can be of importance to them. In addition, the Chapter disseminates current information on issues of general concern to senior citizens, provides a liaison between retirees and the campus administration, provides opportunities for socializing among members, and works to assure adequate funding for the Illinois State Universities Retirement System (SURS). The Chapter seeks ways in which retirees can help further the goals of the campus through
volunteering, re-employment, financial support, or other activities. Membership is open to all SURS members, including current faculty, staff, annuitants, their spouses, and survivors. Annual dues can be paid once a year or by deduction from monthly U. of I. payroll or SURS benefit checks. See the website for membership details.
For information, visit SUAA or contact UIC SUAA at suaa@uic.edu

• Presentation –UIC SUAA, the UIC Chapter of the State Universities Annuitants Association (SUAA)

Retirement Planning Items

• Presentation –UIC Human Resources
• Presentation –University Payroll and Benefits (UPB)
• Handout –Employee Self-Exit Checklist
• Handout –Websites of Interest for Retirees
• Handout –Benefit Options at SURS Retirement

FAQ

A) A minimum requirement of 60 days after separation from the University is required before any former employee may return to work in any capacity for the University. In addition, state laws set specific limits on the return to work of retirees. Please contact UIC Human Resources for details atuichrservicecenter@uillinois.edu.

Q) How much money may I earn if I return to work?

A) Retiree must contactwww.surs.orgfor personal earnings limitations. However, the exact wages of a rehired retiree must be determined by the hiring unit and is contingent upon several factors including but not limited to the type of work, prospective earning, duration of employment and source of funding.