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The UW Retirement Plan (UWRP) is a tax-deferred defined contribution plan that helps you save for retirement. Eligible employees can start participating in the UWRP on their first day of employment in a UWRP-eligible appointment. The UW helps you save even more for retirement by providing 100% matching funds to your own contributions. Both the UW and employee contributions are immediately vested, and the plan is 100% portable if you leave the UW.
Faculty, librarians, and professional staff employed at least 50% in an eligible job class, with an appointment that is ongoing or with a fixed duration of at least six consecutive months are eligible to participate in the UWRP until:
If you were participating in the Public Employees Retirement System (PERS) Plan 1, 2 or 3 immediately prior to coming to the UW, and left your funds in your account, you may be eligible to continue PERS participation. Contact Benefits & Work/Life to determine your retirement plan options.
If you move from a UWRP-eligible to a PERS-eligible position or vice versa, contact Benefits & Work/Life to determine your retirement plan options.
The amount you can contribute through the UWRP is determined by your age, subject to contribution limits described below. The closer you are to retirement age, the more you can save:
| Your Age | Your Contribution | UW’s Contribution | Total UWRP Savings |
|---|---|---|---|
| Under 35 | 5% | 5% | 10% |
| 35+ | 7.5% | 7.5% | 15% |
| 50+ (optional) | 10% | 10% | 20% |
Contributions for employees hired on or after July 1, 1996, are calculated on your actual salary up to the Internal Revenue Code (IRC) established salary maximum of $230,000 for the July 1, 2008 to June 30, 2009 plan year.
If you were hired on or after July, 1 1996, and your salary is above the IRC contribution salary maximum, your contribution is calculated based on the the IRC maximum salary amount. The Internal Revenue Service (IRS) periodically adjusts the salary maximum on which contribution calculations are based.
Employees hired before July 1, 1996, are not subject to the IRC salary limit for contribution calculation.
The IRC sets annual limits on employee and employer contributions to defined contribution retirement plans such as the UWRP and VIP. For UWRP plan participants the limit includes both UW and your UWRP contributions, plus your contributions to the VIP.
The IRC limit for the 2008 tax year is $46,000.
The UW has partnered with three fund sponsors: Fidelity, TIAA-CREF and Vanguard, to offer a range of UWRP-approved investments. Choose from a list of UWRP-approved funds with varying levels of risk.
All of our fund sponsors offer on campus, in-person appointments. This valuable service can help you set your retirement savings goals and investment strategies.
Deductions continue while you are on an authorized paid leaves of absence.
If you end employment at the UW, you keep all of the accumulations in your UW Retirement Plan—including the UW matching funds. You can contact the fund sponsors directly if you wish to roll your savings into another retirement plan or Individual Retirement Account (IRA). You will have the same income options as all retirees who actively participate in the UWRP. However only those retiring from active service in a UWRP-eligible appointment are considered to be retirees of the UW, with rights and privileges of UWRP retirement.
Eligible employees may enroll in the UWRP at any time during your first two years of work with the UW.
If you have not enrolled in the UWRP by the end of your two -year employment anniversary, you will automatically be enrolled in a default account with Vanguard and deductions will begin. Participation in a retirement plan is a condition of your continued employment with the UW.
These rules apply to any request for a distribution from the UWRP, regardless of whether money is rolled to another retirement plan or IRA, or whether any other distribution is made.
Contact the fund sponsors directly to roll your savings into another retirement plan or Individual Retirement Account (IRA).
Voluntary Investment Plan: The UW’s Voluntary Investment Plan (VIP) is a tax deferred retirment savings plan available to most UWRP participants who wish to save a higher percentage of their salary than the UWRP offers.
Deferred Compensation Plan - An additional tax tax deferred retirement savings plan that can, under some circumstances be combined with the UWRP and/or VIP.
UWRP Topics
What does “vested” mean? for UWRP plan? For UWRP plans only, vested means you are eligible to receive both your and the UW's contributions if you leave UW employment.
UWRP accounts are subject to federal tax laws and university and fund sponsor distribution rules.
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