Strengthening Your Retirement Dollars

🔑 Not sure when you can retire, or what you’re eligible for?

Whether your retirement is years away or just on the horizon, understanding your benefits and timeline can make planning easier. To support confident decision‑making, the Human Resource Services Benefits team offers pre‑retirement sessions at least four times a year, guiding employees through:

• Retirement eligibility
• Benefit options
• Timeline considerations
• Required steps and resources

Visit the Retirement Information page to learn more, or check the schedule under Upcoming Events on the right side of the page to attend a pre‑retirement information session. With dates available in February, March, April, and May, it’s easy to find a time that fits your schedule. For added convenience, all sessions are held via Zoom.

🔑 Wondering how full-time equivalent (FTE) or appointment changes impact your benefits?

HRS often receives questions about how adjustments to a position, such as reduced FTE (Full‑Time Equivalent), temporary appointments, or permanent role changes, may affect benefits.

FTE (Full‑Time Equivalent) is simply a way to express how many hours you work compared to a full‑time schedule.

• 1.0 FTE typically means full‑time (40 hours per week).
• 0.5 FTE means half‑time (about 20 hours per week).
• 0.75 FTE means you work 75% of full‑time hours, and so on.

Changes in FTE can influence things like:

• Eligibility for medical and dental benefits
• Retirement plan contributions
• Leave accrual
• Certain position‑based requirements or entitlements

You can explore more scenarios and impacts by visiting the Benefit Implications Due to Change in Appointment page, which provides clear examples of how different changes may affect you.

🔑 WSU Voluntary Retirement Plan (WSURP) participants: are you contributing all you can?

If you’re a WSURP participant age 50 or older, you may be eligible to increase your retirement contributions and receive a full match from WSU.

• Eligible participants can choose to contribute at the 10% rate,
• And WSU will match this increased contribution in full.
• You can verify your current contribution rate anytime in Workday under Benefits and Pay.

If you haven’t yet elected the optional 10% rate and wish to take advantage of the match, simply complete the Age 50 WSURP Optional Enrollment benefits change event in Workday.

This is one of the most impactful ways to increase your retirement savings with immediate employer support.

🔑 Lowering your taxable income and saving for the future

WSU offers two voluntary investment plans that can help you lower your taxable income now while also supporting your long‑term savings: Washington State Department of Retirement Services (DRS): Deferred Compensation Plan (DCP), and TIAA Voluntary Investment Plan (VIP).

Flexible Contributions That Fit Your Budget
These voluntary options are designed to meet you where you are. You can contribute as little as $15 per pay period using pre‑tax or post‑tax (Roth) contributions.

For 2025:

• Employees may contribute up to $24,500 annually.
• Employees age 50 or older can make an additional $8,000 Roth catch‑up contribution under both plans.
• VIP participants turning 60, 61, 62, or 63 may be eligible for an additional $11,250 in Roth catch‑up contributions in 2026.

These added options can make a meaningful difference for employees who want to boost their retirement savings later in their careers.

Overwhelmed? You’re Not Alone

Retirement savings tools, like IRA’s, deferred compensation, and Roth options, can be confusing. Even a little intimidating. Many employees feel unsure about where to start or what choices make the most sense of their situation. The good news is: you don’t have to figure it out on your own. WSU’s retirement vendors are available to specifically help you understand your options, answer questions, and take the fear out of saving for the future. Their guidance can make these decisions feel far more manageable, no matter your comfort level with financial planning.

Your retirement benefits are a powerful part of your total compensation at WSU. Whether you’re maximizing contributions, exploring long‑term savings options, or planning ahead for retirement, taking small steps now can make a big difference in your financial future.