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%!
Fund Sponsor: TIAA-CREF (Teachers Insurance & Annuity Association - College Retirement Equities Fund)
WSURP Contribution Rates:
Under age 35 = 5%
Age 35 and over = 7.5%
Age 50 and over = 10%, you must request this optional increase.
TIAA-CREF Individual Counseling Sessions
Schedule an Individual Counseling Session, where you can discuss your personal financial situation with a TIAA-CREF 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-CREF 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) 732-8352.
Optional retirement accounts that allow employees to make additional contributions to a separate retirement account that is not matched by WSU.
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 mayhave 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
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
Medicare
