More ways to save for your retirement
Did you know? You can access additional savings plans to help you build even more savings for your retirement. In addition to participating in your basic mandatory retirement plan, you have the option to participate in the UW Voluntary Investment Plan (VIP) and/or the Deferred Compensation Program (DCP).
The UW VIP is a 403(b) retirement savings program that offers both pre-tax and post-tax (“Roth”) savings. VIP offers an array of mutual funds and annuities that are hosted on the Fidelity and TIAA recordkeeping platforms. You can contribute as little as $15 per paycheck, or up to 75 percent of your salary (subject to IRS limits). You can use both pre-tax and Roth at the same time if you choose; and you can start, stop or change your contribution amount at any time.
The DCP is an additional opportunity to maximize your pre-tax savings. As a 457(b) deferred compensation plan, you pick the funds offered through the State Investment Board, then invest a pretax portion of each paycheck. Your investments grow tax free until you’re ready to withdraw them at retirement.
Contributions for both plans are limited under IRS rules (see details through links below) however you can participate in BOTH programs in the same tax year! Learn more about VIP and DCP.