WSURP

Summary Plan Description - Retirement Plan Rules and Regulations

Participation in the WSURP is voluntary during the first two years of employment.  After two years of employment, participation is mandatory.  Once you elect to participate in the plan, your participation must continue. You are fully and immediately vested upon participation in the plan.  WSU matches your contribution 100%! 

The plan contribution rates are:

Enrollment Instructions

Eligible Employees Enroll Now!

TIAA-CREF Counseling & Group Meetings

Schedule an appointment with a TIAA-CREF consultant who will be available to answer questions about your financial matters.

Topics may include:

• Long-term investment strategies
• Your investment choices
• How to find the right investment allocation for you
• TIAA-CREF retirement income flexibility

To schedule an appointment visit  www.tiaa-cref.org/moc or email Kathryn Mensinger, Administrative Assistant, with your TIAA-CREF PIN –or- contract number –or- your full name and date of birth. Please also note all of your available times on those days. If you prefer, you may telephone Kathryn toll-free at (877) 209-3142 ext. 2608.

Tax Deferred Investment Plans

Tax Deferred Investment Plans - Take advantage of the opportunity to supplement your retirement income while working. These supplemental retirement plans enable you to earn tax-deferred income on your pre-tax earnings.  By saving now during your working years, you can put yourself in a better financial position for retirement.

Separation

Upon termination of employment, you may recover your regular retirement plan contributions plus interest as well as what WSU has contributed on your behalf since you first began participation. Otherwise, you retain your contract after termination with the following options:

• The accumulations continue to earn dividends and participate in investment returns.
• You may continue to send contributions to increase the accumulation on an after-tax basis.
• If you go to another institution with TIAA-CREF, you may have contributions applied to the same contract.
• You may cash out up to your entire accumulation, but there are usually tax penalties for doing so.
• If you were exempt from federal income taxes due to a tax treaty, you might complete a W8BEN form and submit it to TIAA-CREF with your withdrawal request to lower or prevent federal income taxes from being withheld from your withdrawal. Form W8BEN can be downloaded from the Internal Revenue Service website.
• Rollovers to an IRA are available without tax consequences.
• The contract provides a death benefit to your beneficiary.
• You may begin to draw monthly annuity benefits at any age with the amount determined by your age, the option selected, and the total accumulation.

Retirement Planning        

Eligibility:
You may retire at any age but some retiree benefits have age and years of service requirements. Contact Human Resource Services regarding these requirements.
        
Payment Options:
TIAA-CREF offers a wide array of options for payment of your retirement funds. Contact TIAA/CREF regarding options at 1-800-842-2776 or click here.

Phased Retirement:
A program designed to give faculty and administrative professional employees an opportunity for pre-retirement reduction of full time service while gradually phasing into retirement over a period of years.  Phased Retirement Guidelines PDF.

Retirement To Do List:
A check list to assist in planning and processing retirement forms click here.

Retiree Health:
Eligibility at age 55 with 10 years of  service or at least age 62 or immediately begin receiving a retirement allowance. The current health, dental and retiree life insurance rates and forms can be found on the PEBB website at wwww.pebb.hca.wa.gov.

SHIBA:
Senior Health Insurance Benefit Advisors:  Washington 1-800-562-6900      Idaho 1-800-247-4422

Other Retirement Resources:
Social Security and Medicare.