University of Illinois Voluntary Separation: Should I Do It?
Updated: Feb 15
The University of Illinois at Urbana Champaign (UIUC) is offering a voluntary retirement separation program to eligible civil service staff and academic professionals. The offer for eligible employees amounts to 20 weeks pay (up to $75,000).
There are critical issues you should consider when deciding whether to accept 20 weeks pay in exchange for retiring early.
Financial items you should evaluate:
What impact will retiring early have on your income?
Will you have adequate income to meet your lifestyle needs?
What will your cost of health insurance be during retirement?
Where will you obtain dental and vision insurance?
How much life insurance do you need during retirement?
How will the cost of your life insurance change?
Will your social security be reduced when you draw SURS retirement income?
Eligible Employees must apply to participate in the SVRP during the application window beginning December 3, 2020 and ending January 15, 2021, 11:59 p.m. CST. Applications submitted outside these dates will not be considered.
Eligible Employees who apply and are accepted for the SVRP must return an executed SVRP Agreements to UIUC no later than Wednesday, March 17, 2021.
Visit the UI Human Resources site for the full eligibility criteria and SVRP document.
If you need assistance evaluating the financial items above, Peak Wealth Planning is offering a flat fee package to guide you through this critical decision. The package includes an expert independent evaluation of your specific options and a written recommendation. The package cost is $2,000. The cost may be applied toward Peak Wealth Planning’s annual financial planning retainer. Contact the Peak Wealth Planning team to get started today.
-- About Peter Newman --
Peter Newman is a two-time University of Illinois graduate (M.S. ‘93, PhD 2003) and managed the University of Illinois Treasury for two decades. He is also a SURS participant. He is the President of Peak Wealth Planning, an independent registered investment advisor (RIA) dedicated to meeting the needs of his clients.