The end of the calendar tax year is upon us! There are only a few paychecks left in 2018 from which employees can make contributions to a voluntary retirement plan. If you are interested in reducing your 2018 taxable income, while also saving for the future, you can sign up as a new participant, or increase your contributions as an existing participant, for the Voluntary Investment Plan (VIP) with TIAA and/or the Deferred Compensation Program (DCP) through the state of Washington.
If interested in the VIP, you will need to complete this form and return it to HRS by Thursday, November 15, to have contributions from your two December paychecks, or by November 30 for your December 26 paycheck.
If interested in the DCP, the same deadlines are applicable, but you need to contact the plan directly at 1-888-327-5596 to set up deductions.
Details on each plan are available at these links:
In 2019 the voluntary contribution limits will increase to $19,000 for those under age 50, and $25,000 for those age 50 or older. If interested in contributing the maximum amount allowed for 2019, forms will need to be submitted by December 14, 2018 to begin with your January 10, 2019 paycheck. If you’ve already requested to maximize contributions, HRS will automatically increase contributions to ensure you hit the new limit for 2019. The 2019 form is available here.
If you have questions, you can contact HRS at (509)335-4521 or hrs@wsu.edu.
