To contact Employee Trust Funds (ETF), who administers WRS, call 1-877-533-5020 or contact ETF online. The Public Employees’ Retirement System Plan 3 (PERS 3) is a two-part, hybrid retirement plan that combines a traditional pension plan, where your receive a defined benefit at retirement, with investment options that work like a typical retirement plan, such as a 401 (k). for more information. University of Washington Retirement Plan (UWRP) The UWRP is a tax-deferred defined contribution plan that helps you save for retirement. The UWRA encourages continued engagement with the UW and fosters a purposeful retirement through educational and social programs. Every effort has been made to ensure this information is current and correct. to determine how much you can contribute this year. Visit the Retiree Husky Card information page. It generally takes three to four months to complete. With the UW Retirement Plan (UWRP), each dollar you contribute is fully matched by the UW, and you get to choose your funds with the help of Fidelity Investments, the nation’s largest investment management firm and provider of workplace retirement plans. If you retire before age 62, you’re not eligible for the UWSRP benefit calculation unless you qualify to retire due to a disability. Get Help. After you log into the portal, go to the Benefit Information module and click on the Statements tab. The UWSRP is defined under Washington state law in RCW 28B.10 Sections 400 – 480. © 2020 Board of Regents - University of Wisconsin System. More than 30 years ago, the state undertook a comprehensive reform of its pension plans to provide reasonable benefits while maintaining healthy funding status for the plans. Otherwise, the UW will assume a two-thirds benefit for your surviving spouse or partner. UWSRP: UW Supplemental Retirement Plan Workshop. Information provided includes earnings, years of creditable service, retirement benefit projections, separation benefit. Employees who are first covered by the WRS on or after July 1, 2011 must have five years of WRS creditable service to be vested in the WRS. It generally takes three to four months to complete. For faculty, academic staff, or limited appointees 1,320 hours are needed from 7/1 – 6/30. Service factor: This is either 2 percent or 1.5 percent. UW System employees have several options to save money for retirement: Wisconsin Retirement System (WRS) is a source of retirement income and also provides disability, separation, and survivor benefits. This WRS Retirement Benefits Calculator is a tool that can give you an unofficial estimate of your benefit as you plan for retirement. In addition to retirement benefits, the Wisconsin Retirement System also provides: The WRS is administered by the Department of Employee Trust Funds (ETF). The intention of the WRS pension plan is to provide you with a lifetime retirement payment (annuity) once you are vested and have reached minimum retirement age. Participation is automatic for all eligible employees, with coverage beginning on the first day an employee is eligible. If you take a separation benefit, you will lose any employer-required contributions in your account. This workshop is intended for employees who were active participants in the UW Retirement Plan (UWRP) on February 28th, 2011 and who, at least time of retirement, anticipate being at least age 62 with … Your UWSRP benefit amount is calculated only once, at the time you retire. Because of the complexity of the calculation, the UW … If you don’t provide Benefits with authorization, your calculation will be based solely on your UWRP service time. A full year of creditable service is determined as follows: Employees are not eligible for a WRS retirement annuity or lump sum retirement benefit until they have five years of creditable service. If you do not initially meet the WRS eligibility requirements, you can become eligible if the expectation of hours worked and/or the duration of employment changes and you meet the WRS eligibility criteria. Retirees, inactive members, beneficiaries and legal-order payees: You can update your address from your online retirement account.Just select “Address” from the welcome screen. PERS 2 retirement plan Normal retirement age is 65; early retirement age is 62. Get to know Plan 3 Plan 3 forms More resources Plan Basics Get to know Plan 3. Average monthly compensation: This is calculated using UWRP-eligible salary for the highest 24 consecutive months of service in a UWRP-eligible position. Retirement. WRS investments are managed by the State of Wisconsin Investment Board (SWIB). You can retire earlier, starting at age 62, but you’ll receive a benefit that’s reduced by 0.5 percent multiplied by each full calendar month between when you retire and when you reach age 65. Option 4 – Full Supplemental Payment to Survivor: You receive a reduced monthly payment relative to options one, two, or three. At retirement, you receive the UWSRP benefit only if your goal income is greater than your assumed income. If you participated in a state DRS plan, you must authorize Benefits to access the calculation for your single life income option. Voya Financial is the new DRS record keeper for DCP, Plan 3 and JRA investment accounts. Call Us It's okay to have questions. Contact your institution human resources office with questions about the Wisconsin Retirement System (WRS). If you die while you are actively covered by the Wisconsin Retirement System (WRS), a minimum of the total value of your account is payable upon your death. Employees who were covered by the WRS prior to July 1, 2011 are immediately vested in the WRS. The required employee and employer contribution rates are updated annually. Because of the complexity of the calculation, the UW does not provide projected benefit estimates. The three survivor options provide you with a lower initial payment amount, but when you die, your beneficiary receives ongoing income. The benefit calculation, described below compares two hypothetical incomes: “Goal Income” and “Assumed Income.”. For detailed information on how WRS funds are invested, see SWIB. The UW Supplemental Retirement Plan (UWSRP) provides extra retirement income to some members of the UW Retirement Plan (UWRP). Explore your privileges at the annual Retirees’ Resource Fair 3. Whether or not you receive retirement income from the UWSRP depends on the benefit calculation, which the UW performs on your behalf. which will send 50% of your future WRS contributions to the Variable Fund and 50% to the Core Fund. If you were on an approved leave of absence without pay that decreases your number of eligible years, you can recover up to two years of service if you did two things: (1) You paid both your contributions and the UW’s contributions once you returned from the leave, and (2) you returned to work at UW immediately following your leave then continued to work for at least two more years. • You work for the city of Seattle, Spokane or Tacoma, or you are an elected or appointed official of one of these cities. If you qualify to receive UWSRP income, you have four options for receiving the income. The resulting lump-sum figure is then annuitized by the actuary to provide a lifetime income based on the employee’s age at the time of retirement. UW Retirement Plan (UWRP) Department of Retirement Systems (DRS) plans Public Employees’ Retirement System Plan 2 (PERS 2) Public Employees’ Retirement System Plan 3 (PERS 3) Teachers’ Retirement System Plan 3 (TRS 3) Law Enforcement Officers’ and Fire Fighters’ Plan 2 (LEOFF 2) Optional plans Deferred Compensation Plan (DCP) Employees whose WRS salary is based on a fiscal year are eligible for WRS contributions on the first $287,500 of earnings for fiscal year 2020-2021. If you did work the minimum amount of hours to be eligible, you will be enrolled in the WRS. If you die while not actively working for a WRS-covered employer and you are not receiving a WRS annuity, half of your total account is payable (the employee-required contributions plus interest). The Wisconsin Retirement System (WRS) provides retirement (pension) benefits to UW System employees and to most public employees across the State of Wisconsin. Voya Financial is the new DRS record keeper for Plan 3, DCP and JRA investment accounts. Please keep this in mind when planning your 2020 WDC account contributions. It’s 1.5 percent for any month you worked, over the age of 50, when your UWRP contribution rate was below 10 percent. Current and retired UW faculty and staff are invited to support UWRA’s work on behalf of all UW retirees by becoming UWRA members. Participation is automatic for all eligible employees, with coverage beginning on the first day an employee is eligible. Learn about University of Washington , including insurance benefits, retirement benefits, and vacation policy. • You signed a student waiver while employed by a college or university. You can also meet with a Fidelity representative or meet with a TIAA representative if you’d like in-person guidance. | Accessibility Policy The calculator estimates your benefit amount based on data you enter. Your UWSRP benefit amount is calculated only once, at the time you retire. Additional Contributions can be made one of three ways: There is a limit to the amount that you can contribute on an annual basis. Use the WRS Maximum Additional Contribution Worksheet (ET-2566) pdf • You work for a college or university and belong to that entity’s retirement plan. If the beneficiary/survivor dies before you, you will continue to receive the original amount with no reduction. All contributions are automatically invested in the Core Fund unless you file an WRS Election to Participate in Variable Fund (ET-2356) pdf The employee share is deducted on a pre-tax basis. Washington has been a national leader in designing and maintaining sustainable public pension plans. Goal income is determined by the formula: (service factor) x (average monthly compensation) x (eligible years of participation). To calculate your assumed income amount, the UW contracts with an independent actuary who is not a University employee. Note: The service factor reduction of 1.5 percent does not apply effective January 2009. It was designed to ensure that UWRP participants receive at least a minimum amount of retirement income. All Rights Reserved, All Sites If you qualify to receive supplemental income and you designated a beneficiary, the benefit will be calculated for that person. for more information. © 2020 University of Washington | Seattle, WA, University of Washington Human Resources Home, HR Benefits, Analytics & Information Systems, Professional & Organizational Development, Discounts on auto, home, and renters insurance, Physician Assistants students: LTD insurance, Fund review committee for UW retirement plans, DCAP: Tax savings for child and elder care, UW Medicine Health System Employment Transition. Annually, eligible employees receive a WRS Statement of Benefits, which provides information about their WRS account as of January 1st. In addition to the employee-required contribution, you may make additional contributions to your WRS account on a post-tax basis. If you become disabled while covered under the WRS, you may be eligible for disability benefits through the Wisconsin Retirement System. Let us help you understand your workplace savings plan options before enrolling. | Privacy Policy A partial year is a percentage of the year equivalent to the hours spent in paid status (i.e. Teachers’ Retirement System (TRS) Not sure which plan you’re in? Benefits information above is provided anonymously by current and former University of Washington employees, and may include a summary provided by the employer. All UW faculty and staff retired in good standing are eligible for a variety of privileges and discounts. To request a Separation Benefits, contact the Department of Employee Trust Funds. The statement can be accessed in the MyUW portal. Non-retired members may schedule a benefits counseling appointment. Public Employees’ Retirement System (PERS) Not sure which plan you’re in? When either you or your beneficiary/survivor dies, the payments continue unchanged for the life of the beneficiary/survivor. Wisconsin Retirement Plan . The first option provides you with the highest monthly payment, but payments stop when you die. Your retirement annuity is calculated using both a formula calculation and a money purchase calculatio… In addition to the above disability benefits, you may also be eligible for disability benefits through Income Continuation Insurance (ICI), Social Security and/or Worker’s Compensation, depending on your situation. The employee share is deducted on a pre-tax basis. To request a Disability Estimate and Application, contact the Department of Employee Trust Funds. Participation is automatic for all eligible employees, with coverage beginning on the first day an employee is eligible. Click HEREfor the full text of the retiree parking privilege policy 2. 1. Read descriptions of the particular privileges of retired faculty and emeritus faculty Retirees should obtain a retiree Husky ID card when their retirement becomes final. Before scheduling an appointment, you must have received a Retirement Benefit Estimate and Application (ET-4301) or a Disability Benefit Estimate and Application (ET-5302).. To schedule an appointment, please use the convenient appointment scheduling system or call 1-877-533-5020. These additional contributions earn the same rate of interest as your employee-required contributions. Download a Retiree Privileges brochure here 1.1. If you don't know how many paychecks you will receive in 2020, please contact your employer. Option 2 – One-Half Supplemental Payment to Survivor: You receive a reduced monthly payment, upon your death, the beneficiary/survivor will receive one-half of the amount you were receiving. Beneficiary designations can be changed at any time. The assumed income is a theoretical amount of monthly income from an annuity that your actual employee and employer retirement contributions would have generated if the contributions had been allocated equally between a fixed dollar and variable dollar annuity. The calculation compares two amounts: goal income and assumed income. When either you or your beneficiary/survivor dies, the payment drops to two-thirds of the original benefit amount for the life of the survivor. It’s 2 percent if you increased your UWRP contribution amount to 10 percent at age 50 (this increased contribution is optional). for additional information. Option 1 – Single Life Supplemental Payment: You receive the full payment as a lifetime income with payments stopping when you die. As a friendly reminder, State of Wisconsin employees and some local employees will receive 27 paychecks in 2020. **WRS contributions subject to IRS limits – University Staff employees are eligible for WRS contributions on the first $290,000 of earnings for the calendar year. The Public Employees’ Retirement System Plan 2 (PERS 2) is a traditional, defined-benefit pension plan — when you meet plan requirements and retire, you’re guaranteed a certain monthly income for the rest of your life. Additional contributions made cannot be withdrawn from your account until you terminate all WRS-covered employment. So though you may be eligible for the UWSRP, you may not receive any income from it. If you are a WRS-covered employee and you terminate and are subsequently rehired in less than 12 months at the same employer (this includes all UW System employment), unless you have taken a WRS benefit you will be re-enrolled in the WRS immediately upon rehire, regardless of whether or not the new employment period is expected to meet the WRS eligibility criteria. Your retirement income will be based on your years of WRS service, your age at retirement, and the average of your highest three years of earnings or based on the total cash value of your account, whichever is greater. DISTRIBUTIONS Washington Retirement System The Washington Retirement System, managed by the Department of Retirement Systems (DRS), is a somewhat sprawling collection of retirement plans. Submit your application to retire Refer to Life Events for specific information on benefits at retirement. Whenever an employee has a life event, such as a marriage, divorce, birth of a child, beneficiary designations should be reviewed and updated. After working at least five years, you’re eligible to … ... UW Retirement Plan does not offer a loan feature. As of July 2, 2013, any current or new employee who is not under the WRS, must be evaluated on the 2/3 of full time measurement UNLESS he/she actually participated in the WRS prior to July 1, 2011. Once you are receiving an annuity, death benefits will be based on the annuity option you select. The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. Visit the DRS record keeper information page for more info. Fidelity: 1-800-343-0860: TIAA: 1-800-842-2252: The providers above … *WRS contributions subject to IRS limits – University Staff employees are eligible for WRS contributions on the first $285,000 of earnings for the calendar year. from, another public retirement system in Washington state. To be eligible for the UWSRP benefit calculation, you must retire with at least 10 years of continuous participation in the UWRP. See Plan Definition. See Plan Definition. See the WRS Additional Contributions Brochure (ET-2123) pdf Withdrawals Thinking about retiring […] Visit the Retirement page for a description of the retirement age, the retirement process, how your pension is determined, and the pension options available.. Government benefits and Registered Retirement Savings Plan (RRSPs) The Government benefits and RRSP page provides a brief introduction to government benefits (Canada Pension Plan, old age security) and … Employees hired prior to July 1, 2011 appointed to work 50 percent or more remain eligible for the Wisconsin Retirement System. See the Death Benefits Brochure (ET-6101) pdf The Wisconsin Retirement System (WRS) provides retirement benefits to UW–Madison employees and to most public employees across the State of Wisconsin. Option 3 – Two-Thirds Supplemental Payment to Survivor: You receive a reduced monthly payment relative to options one or two. If you separate from UW employment or otherwise lose eligibility and cease active participation in UWRP prior to achieving eligibility to retire, no UWSRP benefit will be calculated. 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