There is still time to contribute to one or both of the voluntary retirement plans offered through WSU: the Voluntary Investment Plan (VIP) with TIAA, and the Deferred Compensation Plan (DCP), with the Department of Retirement Systems.
In 2022, employees may contribute as little as $15 a paycheck into these plans up to the voluntary contribution maximum limit of $20,500 for those under 50, with an additional $6500 catch‑up contribution for those over 50. Because these plans are under two different internal revenue codes, faculty and staff may participate in both.
These plans allow for the ability to save more for retirement above your normal WSURP, PERS, TRS or LEOFF retirement plan, with contributions being made on a pre‑tax or after‑tax basis. Pre‑tax options will lower your current taxable income, and after‑tax contributions will provide a source of tax‑free money in the future. Deadlines to make 2022 contributions are coming up in November, so if you wish to participate this year, you will want to make elections soon.
A Zoom presentation on this topic will be held on Friday, Oct. 14, from 10–11 a.m. if you wish to learn more.
Meeting ID: 921 4313 4237 | Passcode: 971616
A recorded session will also be available on the HRS Benefits Voluntary Retirement Plans website after the 14th. Additional information on these plans may also be found online.
Questions can be directed to HRS Benefits at 509‑335‑4521 or hrs.benefits@wsu.edu.
