WSU Retirement Plan
The Washington State University Retirement Plan (WSURP) is a tax-deferred defined contribution plan. WSU provides 100% matching contributions, making available additional funds to help you save towards retirement. Both employee and employer contributions are immediately and fully vested, and portable if you leave employment with WSU. (Note: WSURP accounts are subject to federal tax laws and the university and fund sponsor distribution rules.)
- New Hires as of January 1, 2012: Participation in the WSURP for eligible employees is required as of the date of hire/eligibility. Eligible employees must select their retirement plan within 30 days of their date of hire. Contributions to the selected plan will be retroactive to the date of hire/eligibility.
- New Hires prior to January 1, 2012: Participation in the WSURP for eligible employees is voluntary during the first two years of employment, and contributions made during the voluntary period will considered elective contributions under IRS regulations. After two years of employment, participation is mandatory.
WSURP Contribution Rates, equally matched by WSU:
- Under age 35 = 5% of eligible monthly earnings
- Age 35 and over = 7.5% of eligible monthly earnings
- Age 50 and over = 10% optional contribution rate – you must request this increase
- You are able to elect to participate at the 7.5% or 10% level, and change your election at any time.
Starting in December, 2012, a revenue credit began being posted to the TIAA accounts of participants in the Washington State University Retirement Plan (WSURP) or the Voluntary Investment Program (VIP). For Questions and Answers regarding the Revenue Credit, please click the above link.
The Internal Revenue Code (IRC) establishes the annual maximum limits allowed to be contributed by the employee and employer into the WSURP plan, a 403b plan. Contributions to the 403b Voluntary Investment Program are also taken into consideration when determining and monitoring this limit. The Internal Revenue Service (IRS) periodically adjusts these contribution limits.
TIAA (Teachers Insurance & Annuity Association)
TIAA is the WSURP vendor, and offers a variety of investment options. Visit TIAA’s website to review investment information.
Schedule an Individual Counseling Session, where you can discuss your personal financial situation with a TIAA consultant on a confidential basis. They will be available to discuss how to help you achieve your financial goals by investing in financial solutions such as mutual funds, brokerage, life insurance, and annuities. TIAA consultants can objectively show you how to adjust your portfolio to help strengthen your retirement plans. There is no additional fee for this added benefit.
To schedule a meeting, please call (800) 732-8353. TIAA Counselors are also available by phone through the counseling center at (800) 842-2776.
Optional Retirement Programs
The ability to save additional funds are available through WSU, allowing employees to make contributions to a separate retirement account. For information regarding the additional retirement saving programs available through WSU, visit Voluntary Investment Plans.
Disclaimer: If there are any discrepancies between this website and the provisions of the WSURP, the Plan Document will prevail.