UW Retirement Plan
Table of Contents
Rollover your old retirement plan - Beginning 2026
Loans, hardship withdrawals, and other Qualified Distributions - Beginning 2026
Starting Jan. 1, 2026, TIAA will become the sole recordkeeper for the UW Retirement Plan and Voluntary Investment Program, simplifying your experience, reducing fees, and expanding features. TIAA is a trusted, nonprofit retirement provider with over 100 years of experience serving education, healthcare and research professionals.
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.
As a 403(b) defined contribution plan, you make tax-deferred contributions that lower your taxes today and allow your investments to grow tax free until retirement. All the money in your account, including matching funds, is immediately vested, which means it’s yours to keep wherever your career takes you.
Eligibility
If you meet the eligibility criteria, you must participate in a retirement plan as a condition of employment. Faculty, professional staff, librarians, and academic staff who are working at least 50 percent of full time in an eligible appointment for at least 6 months are eligible to participate in UWRP.
UWRP isn’t the only retirement plan option for eligible employees. Instead, you can choose to participate in either the TRS 3 retirement plan (if you’re faculty) or the PERS 3 retirement plan (for all other employment types). This choice must be made within 30 days or you will be defaulted into UWRP.
Classified staff generally aren’t eligible for UWRP. One exception is newly hired staff who participated in a plan similar to UWRP at another Washington university or college.
Contact UW Benefits if you’re unsure about your eligibility for UWRP.
Enroll
Participating in UWRP is a two-step process:
Step 1 (within 30 days of your eligibility date): If you are eligible to participate in the UWRP as a new hire, retirement elections are made in Workday.
For step-by-step instructions on making retirement plan elections, reference this Benefits Enrollment – Retirement – Faculty and Professional Staff user guide. If you are eligible to change retirement elections because of a change in employment, UW Benefits will contact you directly.
Newly eligible employees have 30 days to complete this step in Workday.
Step 2: To make your investment election and beneficiary designations to your UWRP account, you need to enroll through Fidelity Investments. Once you enroll, both your contributions and UW’s matching contributions will begin. Beginning January 1, 2026 investment elections and beneficiary designations will be made at TIAA.
After 30 days
In the event you did not elect a retirement plan within 30 days of becoming eligible, you will default into UWRP. At this point, your contributions won’t start automatically. To start your contributions you need to enroll through Fidelity Investments, where you can make your investment elections and designate a beneficiary or beneficiaries. If you have taken no action, after 2 years your UWRP contributions and UW match will begin automatically and be deposited into the default retirement fund. Beginning January 1, 2026 the UWRP Optional Period will be retired. All members of the 0% Optional Period will see contributions begin in accordance with their age based contribution rate on the January 9, 2026 paycheck. All new UWRP participants will be defaulted into their age based contribution rate if no election is made within the 30 day election window.
Contributions
Every dollar you contribute to UWRP is fully matched by UW. This doubles the amount you save for retirement through UWRP.
Your contribution rate is a percentage of your gross salary, as shown in the table below. While you can’t change your contribution rate, it does increase as you get older. Expect to see the adjustment to your contribution rate on the pay period following your birthday. For example, someone who is turning 50 on June 14 would see their contribution rate change on their July 10 paycheck. You won’t see the matching contribution on your paycheck, but you can find it by accessing your UWRP account online.
| Your age | Your contribution | UW match | Total |
|---|---|---|---|
| Under 35 | 5% | 5% | 10% |
| 35+ | 7.5% | 7.5% | 15% |
| 50+1 | 10% | 10% | 20% |
1- When you reach age 50 your contributions automatically increase to 10%. You have the option to decrease your UWRP contributions to 7.5%. To make this change login to your Fidelity account or contact Fidelity at (800) 343-0860. Beginning January 1, 2026 those aged 50 or greater will contribute at 10% with no option to decrease UWRP contributions to 7.5%.
Investment options
What’s your approach to investing for retirement? Whether you’re a hands-on investor or you prefer a simpler target-date fund, with UWRP you’ll find funds that match your investing style and goals. Better yet, you don’t have to be an expert to figure out which option is best for you.
Get started by reviewing the UWRP plan details and investment options then get in-person guidance by meeting with a Fidelity representative.
IRS contribution limits
A big part of successfully saving for retirement is knowing how your retirement plan affects your taxes. Each year, the Internal Revenue Service (IRS) sets contribution limits for 403(b) retirement plans. While these limits are generous, make sure your retirement contributions don’t exceed them.
If you have both a UW VIP (Pre-tax and Roth) account and a UWRP account, which are both 403(b) plans, make sure the combined total of all contributions to both accounts don’t exceed the IRS “annual limits.” Please review UW Benefits webpage Managing your annual contributions and IRS limits to better understand how these limits impact you.
Rollover your old retirement plan – Beginning 2026
If you have pre-tax retirement savings in another employer’s plan or in an individual retirement account (IRA), you can transfer it to your VIP account in most cases. Doing so makes it easier to manage your savings and plan for your retirement. For details about rolling over your old accounts, contact TIAA. Roth retirement savings cannot be rolled into UWRP, but can be accepted by VIP.
Loans, hardship withdrawals, and other Qualified Distributions – Beginning 2026
Though your UWRP funds are intended for retirement, you can take out a loan from your account. If you need more than a loan, certain substantial expenses qualify you to take a hardship withdrawal. Both options have tax implications and require you to follow plan rules for accessing the money.
If you want to take out a loan, hardship withdrawal, Qualified Disaster Relief Distribution, or Qualified Domestic Violence Distribution, contact TIAA. Rules for both options are defined in the UWRP Plan Document.
Loans
Though your UWRP funds are intended for your retirement, you may borrow from your account for any reason. You’re allowed to borrow up to 50 percent of your account balance with a minimum loan amount of $1,000 and a maximum of $50,000.
The cost to initiate a loan is $75, and you pay $6.25 each quarter (of the calendar year) to maintain the loan. After you initiate the loan, you pay the money back into your account, plus interest, using automatic deductions from your bank account. You can have only one loan at a time.
You don’t pay income tax or the early withdrawal penalty on loans. But if you fail to repay your loan, it will be considered in default, and you’ll have to pay taxes, per IRS rules.
Hardship withdrawal
If you have an immediate and substantial financial need, you can apply for a hardship withdrawal, which allows you to pay for the expense using your UWRP funds.
You must provide documentation verifying the expense, and only certain expenses qualify including:
- Medical expenses that aren’t reimbursable
- Home purchase expenses (for only your primary residence)
- College and post-secondary education expenses for you, your spouse, or your dependent (for only the next 12 months of expenses)
- Expenses that prevent your eviction or foreclosure of your primary residence
- Burial or funeral expenses for your deceased parent, spouse, or dependents
- Expenses for repairing damage due to a major disaster (per section 165 of the IRS code)
- Expenses relating to damage incurred by a federally declared disaster (flooding, wild fire, hurricane, etc.)
Once you take out a hardship withdrawal, you must pay income tax on the money plus the early withdrawal tax, per IRS rules.
Qualified Disaster Relief and Qualified Domestic Violence Distributions
If you have qualifying life events to meet the eligibility requirements for either of these distributions please contact TIAA to request the distribution.
Leaving UW before retirement
When your employment at the UW ends, you keep all the funds in your retirement plan including the matching funds that the UW contributed.
You have the option to either keep your funds in your UWRP account or transfer your funds to another eligible retirement plan through a direct rollover. Contact Fidelity Investments if you want to transfer your UWRP funds.
You also have the option to withdraw your funds completely. However, in addition to decreasing your retirement savings, the Internal Revenue Service requires you to pay income tax on that money plus an additional 10 percent early distribution tax.
Retiring from active UWRP participation
Please see UWRP: Preparing to retire for information about retiring from active UWRP plan participation.
Fund review committee
The UWRP Fund Review Committee is a standing committee defined in the plan document and authorized by the UW Board of Regents. The Committee has a fiduciary role in regard to UW retirement plans and is charged with operating exclusively in the best interests of the participants. Learn more about the Fund Review Committee responsibilities and membership.