As a UW employee, you’re eligible to participate in Washington state’s Deferred Compensation Program (DCP), a retirement plan that offers you another opportunity to maximize your tax-advantaged savings.
As a 457(b) deferred compensation plan, you pick the funds then invest a pretax portion of each paycheck. Your investments grow tax free until you’re ready to withdraw them at retirement. Because DCP is a voluntary savings program, you can start, stop, or change your contributions at any time.
You can use the DCP in addition to both your mandatory UW retirement plan and the UW Voluntary Investment Program (VIP), if you’re enrolled. The annual contribution limit for the DCP is separate from the limit that applies to the UW VIP. So consider enrolling in the DCP if you want yet another option for building your tax-advantaged retirement savings.
Learn more and enroll
The DCP is part of the Washington State Department of Retirement Systems. Visit their website to learn more about how DCP works including the investment options available and the annual contribution limits. You’ll also find enrollment instructions on their website.