Lump Sum Payment Information The Request for Lump Sum: Fill out & sign online

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How to use or fill out Lump Sum Payment Information The Request for Lump Sum

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Click ‘Get Form’ to open it in the editor.
Begin by marking whether the individual is currently on payroll as Civil Service Salaried, Civil Service Hourly, or a Non-WIU employee. This helps categorize the request appropriately.
For Non-WIU employees, ensure all required paperwork is completed: Ethics Form, Employment Eligibility Verification (I-9), Tax card, electronic deposit form, and DCFS Acknowledgement of Mandated Reporter Status.
Fill in the individual's legal name, Social Security number, home address, birthdate, employment period, job description, and lump sum amount. Ensure accuracy to avoid processing delays.
Obtain necessary signatures from the supervisor and vice president (if applicable) before routing the form to the Budget Office and Human Resources for final processing.

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What does lump sum payment mean?

A lump-sum payment is the distribution or payment in one tax year of a plan participants entire balance from all of the employers qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans).

What is the meaning of lump sum payment?

A lump sum payment refers to a one-time, fixed amount of money paid to an employee, contractor, or individual, rather than being distributed over multiple periods. It is often used for bonuses, severance pay, relocation allowances, or project-based compensation.

What is an example of a lump sum payment?

A lumpsum investment refers to a one-time investment where an investor allocates a docHub amount of money into a mutual fund or other financial instruments at once, rather than making smaller, periodic contributions.