Voya Financial Consumer Portal QuickStart Guide
Eligibility
If you are eligible you are required to participate in an employee pension plan in order to be eligible for a retirement benefit as part of your employment. Faculty or professionals, librarians and academic staff employed at least 50% of full-time in an eligible position for at least six months are eligible for participation in UWRP.
UWRP does not represent the primary retirement option available to those who qualify. Instead, you have the option to enroll in or one of the TRS3 retirement program (if you're a faculty member) as well as PERS 3 if you're a teacher, or PERS 3 plan for retirement (for the rest of types of employment). You must make this choice by thirty days or you'll be automatically enrolled in UWRP.
Staff classified as classified generally won't be eligible to participate in UWRP. A possible exception is newly hired employees who took part in an arrangement similar to UWRP at a different Washington college or university.
Call for assistance from the Integrated Service Center for clarification on the eligibility requirements for UWRP.
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Enrollment
Involvement in UWRP involves a 2-step procedure:
First step (within thirty days):If you are qualified to be a participant in UWRP, you must be eligible to participate. UWRP as a newly hired employee the retirement election is made within Workday.
To follow the steps to make retirement plan choices, refer to this Benefits enrollment - Retirement - faculty and professional staff user's guide. If you're eligible to alter your retirement plans because of a change to your employment and you are eligible, the ISC will notify you directly.
Employees who are newly eligible must complete the 30 day step within Workday.
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Step 2. To add your investment choice and beneficiary designations for you UWRP account, you will need to sign up with Fidelity Investments. After you have enrolled, both your UW's contributions as well as UW's matching contributions begin.
After 30 days
If you did not select the retirement plan in the 30 days following becoming eligible, you'll be automatically enrolled in UWRP. From this point on the contributions will not begin immediately. In order to begin contributing, you'll need to sign up with Fidelity Investments, where you are able to make your investment choices and choose the beneficiary or beneficiaries. If you've taken no actions, then after two years the UWRP payments as well as the UW match will start automatically and be transferred to your default retirement account.
Contributions
Every dollar you put into UWRP is fully match by UW. This is double the amount you can save to fund your retirement with UWRP.
The contribution rate you pay is an amount of your salary gross as indicated by the chart below. Although you cannot alter the amount you contribute but it will rise as you get older. Expect to see the change in your rate of contribution during the next pay period after your birthday.
For instance, someone who will turn 50 on the 14th of June will be able to see their contribution rate increase in their July 10 pay check. It is not possible to see the match on your pay however, you can locate it by logging into the UWRP login online.1- Once you turn 50, the amount you contribute automatically increases to 10 10%. You can choose to reduce you UWRP Contributions to 7.5 percent. To make this change , sign in into your Fidelity account or call Fidelity by calling (800) 343-0860.
Maximum salary
If you were employed in the period prior to or on June 1, 1996 and your earnings are above the IRC annual limit on compensation the contribution calculation is in accordance with what is the IRC maximum salary. It is the Internal Revenue Service (IRS) regularly adjusts the annual compensation limit upon which contributions calculations are calculated.
In the 2022 plan year, the IRC annual salary limit is $305,000.
The employees who were hired before July 1, 1996 are not affected by the IRC annual limit on compensation for calculation of contributions.
Options for investing
How do you approach investing to retire? You may be a hands-on investor or prefer a more simple target-date fund, with UWRP , you'll discover funds that fit your style of investing and goals. Plus it doesn't require you the expertise in order to determine which one is the best one for you.
Start by looking over the UWRP plan's details as well as investment choices and then receive in-person assistance through a talking to an Fidelity agent.
IRS contribution limits
The most crucial aspect of planning for your retirement savings is understanding what your retirement plan's impact is on your tax burden. Every year it is the Internal Revenue Service (IRS) determines the contribution limit in 403(b) pension plans. Although these limits are generous but you must ensure that your retirement contribution doesn't surpass them.
If you have an UWRP account as well as an UW Voluntary Investment Program (VIP) account, you should ensure that the sum of the contributions (including employer-match) in both programs doesn't over what is allowed by the IRS limit for the year. It's because both plans are 403(b) plans, and the IRS combine all of the contributions from your 403(b) plans to determine each year's limit.
The limit for 2022 annual additions is $61,000, while for those who are 50 years old or more, $67,500. This includes all of your UWRP contributions and UWRP's match, UW contribution match for UWRP as well as all contributions for The VIP (Traditional and Roth).
In addition, there is a limit to your employee-initiated contributions that include your contributions to VIP (Traditional as well as Roth) and , if you're older than 50, you can contribute 10%, you can make the 2.5 percent contribution you can make to UWRP. The limit on contributions from employees for 2022 is $20,500 and for those who are 50 or more, the limit is $27,000.
Loans
You're not able to get loans from your UWRP funds, or in any other way access your funds while employed at UW. You're only able to access your funds once you're taking a break from your job at UW or resigning from UW.
You are able to get a loan out of you contributions made to University of Washington Participation in the Voluntary Investment Plan, if you are a participant in the plan.
Exiting UW before retirement
After your contract with UW expires, you get the entire amount of your retirement plan , including match funds to which UW provided.
You can choose to either keep your money inside the UWRP account , or to transfer them to another retirement plan eligible by direct rollover. Call Fidelity Investments if you want to transfer your UWRP funds.
You can also choose to take your funds out completely. But, aside from the reduction in your retirement savings The Internal Revenue Service requires you to pay tax on income earned from the money, plus an additional 10% taxes on early distributions..
Resigning UWRP participation UWRP participation
Please refer to UWRP"Preparing to retire for more information on retiring from the active UWRP program participation.
Committee to review the funds
The UWRP Fund Review Committee is an annual standing committee as established in the plan's document and approved to be a part of the UW Board of Regents. The Committee has a fiduciary responsibility regarding UW retirement plans, and is responsible for working solely to serve the best interests of participants. Find out more about the Fund Review Committee duties and the members.
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