{"id":218,"date":"2016-04-14T22:47:42","date_gmt":"2016-04-15T05:47:42","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=218"},"modified":"2026-04-03T08:25:33","modified_gmt":"2026-04-03T15:25:33","slug":"uw-retirement-plan","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/uw-retirement-plan\/","title":{"rendered":"UW Retirement Plan"},"content":{"rendered":"

With the UW Retirement Plan (UWRP), each dollar you contribute is fully matched by the UW, and you get to choose your funds. 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\u2019s yours to keep wherever your career takes you.<\/p>\n

Eligibility<\/h4>\n

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.<\/p>\n

UWRP isn’t the\u00a0only retirement plan option for eligible employees. Instead, you can choose to participate in\u00a0either the TRS 3 retirement plan<\/a> (if you’re faculty) or the PERS 3 retirement plan<\/a> (for all other employment types). This choice must be made within 30 days<\/a> or you will be defaulted into UWRP.<\/p>\n

Contact UW Benefits<\/a> if you\u2019re unsure about your eligibility for UWRP.<\/p>\n

Return to top<\/a><\/p>

Enroll<\/h4>\n

Participating in UWRP is a two-step process:<\/p>\n

Step 1 (within 30 days of your eligibility date): <\/strong>If you are eligible to participate in the UWRP as a new hire, retirement elections are made in Workday.<\/p>\n

For step-by-step instructions on making retirement plan elections, reference this Benefits Enrollment \u2013 Retirement \u2013 Faculty and Professional Staff<\/a> user guide. If you are eligible to change retirement elections because of a change in employment, UW Benefits will contact you directly.<\/p>\n

Newly eligible employees have 30 days to complete this step in Workday.<\/p>\n

Step 2:<\/strong> To make your investment election and beneficiary designations to your UWRP account, you need to\u00a0enroll through TIAA<\/a>. Once you enroll, both your contributions and UW\u2019s matching contributions will begin.<\/p>\n

Default after 30 days<\/h5>\n

In the event you did not elect a retirement plan within 30 days of becoming eligible, you will default into UWRP.\u00a0 At this point, your contributions will start automatically in accordance with your age based contribution rate.\u00a0 To make your investment elections and designate a beneficiary or beneficiaries you will need to log into your TIAA account<\/a>.<\/p>\n

Return to top<\/a><\/p>

Contributions<\/h4>\n

Every dollar you contribute to UWRP is fully matched by UW. This doubles the amount you save for retirement through UWRP.<\/p>\n

Your contribution rate is a percentage of your eligible gross salary, as shown in the table below. While you can\u2019t 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\u2019t see the matching contribution on your paycheck, but you can find it by accessing your UWRP account online<\/a>.<\/p>\n

\n\n\n\n\n\n\n
Your age<\/th>\nYour contribution<\/th>\nUW match<\/th>\nTotal<\/th>\n<\/tr>\n
Under 35<\/td>\n5%<\/td>\n5%<\/td>\n10%<\/td>\n<\/tr>\n
35+<\/td>\n7.5%<\/td>\n7.5%<\/td>\n15%<\/td>\n<\/tr>\n
50+<\/td>\n10%<\/td>\n10%<\/td>\n20%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Return to top<\/a><\/p>

Investment options<\/h4>\n
\nTIAA Brokerage Fee and Service Enhancements<\/strong><\/p>\n

As of March 25, 2026, participants now pay no commission fees on transactions for more than 12,000 mutual funds available through the Self-Directed Brokerage Window. Underlying fund expenses and any applicable short-term redemption fees may still apply. <\/p>\n

TIAA has also extended dedicated brokerage service hours to 5:00 p.m. Pacific Time on weekdays. Their brokerage team is available to support brokerage-related questions. <\/p>\n<\/div>\n

 <\/p>\n

What\u2019s your approach to investing for retirement? Whether you\u2019re a hands-on investor or you prefer a simpler target-date fund, with UWRP you\u2019ll find funds that match your investing style and goals. Better yet, you don\u2019t have to be an expert to figure out which option is best for you.<\/p>\n

Get started by getting in-person guidance with a TIAA representative<\/a>.<\/p>\n

Return to top<\/a><\/p>

IRS contribution limits<\/h4>\n

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<\/a>. While these limits are generous, make sure your retirement contributions don\u2019t exceed them.<\/p>\n

If you have both a UW VIP (Pre-tax and Roth) account and a UWRP account<\/a>, which are both 403(b) plans, make sure the combined total of all contributions to both accounts don\u2019t exceed the IRS \u201cannual limits.\u201d Please review UW Benefits webpage Managing your annual contributions and IRS limits<\/a> to better understand how these limits impact you.<\/p>\n

Return to top<\/a><\/p>

Rollover your old retirement plan<\/h4>\n

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 UWRP 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.<\/p>\n

Return to top<\/a><\/p>

Loans, hardship withdrawals, and other Qualified Distributions<\/h4>\n

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.<\/p>\n

Loans<\/h5>\n

Though your UWRP funds are intended for your retirement, you may borrow from your account for any reason. You\u2019re 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.<\/p>\n

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.<\/p>\n

You don\u2019t 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\u2019ll have to pay taxes, per IRS rules.<\/p>\n

Hardship withdrawal<\/h5>\n

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.<\/p>\n

You must provide documentation verifying the expense, and only certain expenses qualify including:<\/p>\n