Below are instructions for transferring leave payouts to either the UW 403(b) Supplemental Retirement Program (SRP) or the Wisconsin Deferred Compensation program (WDC).
Instructions for:
Employee Instructions
(Allow 4 weeks minimum for SRP and 6 weeks minimum for WDC)
- Determine retirement effective date.
- Notify supervisor in writing and human resources business partner.
- Employee should discuss with their supervisor if they will remain on payroll to use any accrued leave balances thereby affecting their final retirement date, or use remaining balances for a lump sum payout of vacation/personal holiday/alra.
- Review amount anticipated to be paid out of the above balances (coordinate with human resources business partner).
- If taking a lump sum payout, employees should consult with their financial advisor regarding tax consequences.
- If the employee wishes to increase their contribution to a SRP or WDC, so that the majority of their leave payout is deferred and does not incur a high tax consequence, they should verify with the Benefits office the maximum reduction amount available and coordinate leave payout with your human resources business partner.
- For the SRP program, complete a salary reduction agreement form and submit to Human Resources, Englemann Hall, Room 125. Once the salary reduction agreement is active notify the human resources business partner.
- For the WDC program, contact WDC directly for reduction step up. WDC information is found at www.wdc457.org, or call (877) 457-9327. Once the WDC is active notify the human resources business partner.
Human Resources Business Partner Instructions
- Human resources business partner will conduct a leave balance forecast to determine how to process leave balance.
- After step 8 above, the human resources business partner will log into HRS and process the payout of unused hours in the absence management module.
- Human resources business partner should take into consideration the payroll schedule in consultation with the employee.
Benefits Specialist Instructions
- For SRP program, enter salary reduction agreement form into HRS prior to payroll calculation.
- For WDC program, verify with Margaret Denton, UW Service Center, that WDC reduction has been received and processed timely.