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Categories:  Campus

Campus news: retirement and investment

Twenty-dollar bill stuffed in a nest

RETIREMENT AND INVESTMENT

Employees who leave their positions at the university can continue their participation in the State Universities Retirement System as an inactive member.

Three options are available:

• Leave funds in SURS until you are ready to retire or withdraw funds.

• Start your retirement annuity if you meet retirement eligibility.

• Apply for a separation refund, forfeiting claims to future benefits. Lump sum refunds may be rolled over into other retirement accounts per IRS regulations.

Employees who resign or are terminated have benefits through midnight on the last day the employee was physically at work (or on an approved leave of absence). Resigning employees cannot extend the date of separation by using accrued benefit time.

Employees who leave the university to take a job with another Illinois public employer, and plan to participate in a retirement program through that employer, may be eligible for service credit reciprocity through the Retirement Systems Reciprocal Act. For more information, contact SURS at 800-275-7877 or online.

Employees own the assets in their supplemental 403(b) retirement plan and State of Illinois 457(b) deferred compensation plan accounts. They are not required to withdraw funds upon leaving.

Employees can maintain their 403(b) accounts with the plan provider, TIAA-CREF or Fidelity Investments. The 403(b) funds may be eligible for rollover to another employer-sponsored retirement plan or an IRA.

The state 457(b) plan offers several choices for those leaving state employment, including lump sum distribution, rollover or installment payments.

Employees who receive a vacation or compensable sick leave payout may direct the payout into their 403(b) or 457(b) plan. Use the Terminal Benefits Net Pay Calculator to calculate an estimate of the net pay to be received upon termination of employment with the university. Employees must contact Benefits Services at least 60 days before leaving the university to arrange this deferral.

 

APAC POSITIONS OPEN

The Academic Professional Advisory Committee is looking for new members to fill eight committee seats and one position as UIC Senate representative. Members advise campus leadership, make recommendations on campus policy and procedures, help select candidates for search committees and other activities for the academic professional staff community. Applications are due at noon March 20.

 

ART AND JUSTICE

Several events related to social justice and the art exhibit “Collective Voices, Shared Journeys” will be presented by the nonprofit organization Apna Ghar in the Montgomery Ward Gallery in Student Center East.

The art show explores issues related to immigration/refugee rights, gender violence, wellness, disabilities and mental health.

Friday, noon: The Wandering Uterus Project: A DIY Movement for Reproductive Justice

March 12, 4:30 p.m.: Coffee Table     Series on Daca/Dapa Relief, UIC students who have benefited from Deferred Action for Childhood Arrivals immigration relief.

 

KNOW YOUR BENEFITS

New and experienced employees can learn more about their UIC benefits at a benefits fair March 19, noon to 1:30 p.m. in the conference rooms of the Student Services Building.

The event is sponsored by the Chancellor’s Committee on the Status of Women staff advocacy subcommittee. RSVP to kaldag@uic.edu

 

WANTED: BONE MARROW DONORS

Register as a bone marrow donor, 1 to 4 p.m. March 9 and 13 at the UIC Bookstore in Student Center East. The donor drive is sponsored by Team Be The Match, a nationwide organization, and Team Blanca Magallon, an organization formed to help a Chicago police officer in need of a bone marrow transplant. Donations from those ages 18 to 44 are most successful for transplants.

 

SENATE ADVISORY COMMITTEE

Nominations are due March 20 for eight seats on the campus Faculty Advisory Committee, which considers faculty grievances and serves as a communication channel between academic staff and administration. The committee is elected by tenured and tenure-track faculty through ballot election.

The committee also conducts hearings and makes recommendations on faculty cases involving severe sanctions short of dismissal. The committee is composed of nine tenured faculty members with a 75 percent or more appointment who do not hold an administrative position. Terms are for three years, with no more than two faculty members from a college serving at one time.

Apply online or call the Office of the Senate, 312-996-2926.

 

DISCOVERY FUND GRANTS

Deadline is Friday for letters of proposal for the Chancellor’s Discovery Fund for Multidisciplinary Research.

The funding program supports new multidisciplinary partnerships between young researchers at UIC to create projects for outside funding. Awards range from $30,000 to $40,000 over two years. Application deadline is March 23 and the funding begins in June. For more information email RDS@uic.edu.

 

SOCIAL ENGAGEMENT FELLOWSHIP

Deadline is Saturday to apply for the Institute for Research on Race and Public Policy’s policy and social engagement fellowship.

The fellowship, up to $10,000 per year, is given to faculty members who work with community organizations on community action projects related to race, ethnicity and policy. All adjunct, clinical, research, tenure-track, tenured and visiting faculty members are eligible.