{"id":230,"date":"2016-04-14T23:56:03","date_gmt":"2016-04-15T06:56:03","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=230"},"modified":"2026-07-06T15:41:19","modified_gmt":"2026-07-06T22:41:19","slug":"uw-voluntary-investment-program","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/","title":{"rendered":"UW Voluntary Investment Program"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#Enroll-in-VIP\" >Enroll in VIP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#Investment-and-tax-options\" >Investment and tax options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#IRS-contribution-limits\" >IRS contribution limits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#Rollover-your-old-retirement-plan\" >Rollover your old retirement plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#Loans-hardship-withdrawals-and-other-Qualified-Distributions\" >Loans, hardship withdrawals, and other Qualified Distributions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/uw-voluntary-investment-program\/#Fund-review-committee\" >Fund review committee<\/a><\/li><\/ul><\/nav><\/div>\n<p><a name=\"top\"><\/a>Save beyond your mandatory\u00a0UW retirement plan by enrolling in the UW Voluntary Investment Program (VIP), a tax-advantaged 403(b) retirement plan that offers an array of mutual funds and annuities.<\/p>\n<p>You choose your funds and how much you want to contribute. While contributions aren\u2019t matched by UW, they are tax advantaged. And because the VIP is optional, you can start or stop contributions at any time.<\/p>\n<p>If you\u2019re looking for even more ways to maximize your retirement savings, you can also enroll in the <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-and-savings\/optional-retirement-plans\/deferred-compensation\/\">Washington state Deferred Compensation Programs<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enroll-in-VIP\"><\/span>Enroll in VIP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Enrolling in the VIP is optional. It\u2019s another way for you to save in addition to your primary UW retirement plan. Even if you aren\u2019t participating in another UW plan, you can still enroll in the VIP.<\/p>\n<p>All UW employees are eligible to participate, unless you are a nonresident alien who doesn\u2019t receive income from a U.S. source.<\/p>\n<p>Once you enroll, your contributions are automatically deducted from your paycheck. You can contribute up to 100 percent of your salary or as little as $15 per paycheck. You can change your contribution amount at any time.<\/p>\n<p>To start making contributions, enroll in <a href=\"https:\/\/employeehelp.workday.uw.edu\/\">Workday <\/a>and set your contribution election. Contributions elections can be between a minimum of $15 per paycheck and a maximum of 100% of your eligible salary. <span data-olk-copy-source=\"MessageBody\">You can change your contribution amount at any time.\u00a0 Changes are effective based on the pay period in which you submit the change in Workday. For example, a change made on December 18 is effective the December 16-31 pay period and will appear on your January 10 paycheck when that pay period is paid to you.<\/span><\/p>\n<p>You will choose your investments and set your beneficiary at <a href=\"http:\/\/tiaa.org\/washington\">TIAA<\/a>.<\/p>\n<div style=\"text-align:right;\"><a href=\"#top\">Return to top<\/a><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Investment-and-tax-options\"><\/span>Investment and tax options<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What\u2019s your approach to investing for retirement? Would you rather avoid taxes now and pay later, during retirement? Or would you prefer to pay taxes now so you don\u2019t have to later?<\/p>\n<p>Answering these questions depends both on your preferences and your situation. Luckily, you don\u2019t have to be a financial professional to answer them because, with the VIP, you get expert advice from TIAA.<\/p>\n<p>Your investment options include an array of mutual funds and annuities. Whether you\u2019re a hands-on investor or you prefer a simpler target-date fund, you\u2019ll find a VIP funds that matches your investing approach.<\/p>\n<p>Your tax options include making either pretax contributions or Roth after-tax contributions. With pretax contributions, you defer paying taxes until retirement and your investments grow tax-free. With Roth after-tax contributions, you pay tax now but potentially withdraw your investment gains tax-free at retirement.<\/p>\n<p>For help with your investment and tax options, <a href=\"http:\/\/tiaa.org\/schedulenow\" target=\"_blank\" rel=\"noopener noreferrer\">talk with a TIAA representative<\/a>.<\/p>\n<div style=\"text-align:right;\"><a href=\"#top\">Return to top<\/a><\/div>\n<h2><span class=\"ez-toc-section\" id=\"IRS-contribution-limits\"><\/span>IRS contribution limits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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 <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500\" target=\"_blank\" rel=\"noopener noreferrer\">contribution limits for 403(b) retirement plans<\/a>. While these limits are generous, make sure your UW VIP contributions don\u2019t exceed them.<\/p>\n<p>If you have both a UW VIP (Pre-tax and Roth) account and a <a href=\"http:\/\/tiaa.org\/washington\" target=\"_blank\" rel=\"noopener noreferrer\">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 <a href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/managing-your-annual-contributions-and-irs-limits\/\">Managing your annual contributions and IRS limits<\/a> to better understand how these limits impact you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rollover-your-old-retirement-plan\"><\/span>Rollover your old retirement plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you have retirement savings in another employer&#8217;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 <a href=\"http:\/\/tiaa.org\/washington\">TIAA<\/a>.<\/p>\n<div style=\"text-align:right;\"><a href=\"#top\">Return to top<\/a><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Loans-hardship-withdrawals-and-other-Qualified-Distributions\"><\/span>Loans, hardship withdrawals, and other Qualified Distributions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you want to take out a loan, hardship withdrawal, Qualified Disaster Relief Distribution, or Qualified Domestic Violence Distribution, contact <a href=\"http:\/\/tiaa.org\/washington\">TIAA<\/a>. Rules for both options are defined in the VIP Plan Document.<\/p>\n<h3>Loans<\/h3>\n<p>Though your VIP 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<p>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<p>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<h3>Hardship withdrawal<\/h3>\n<p>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 VIP funds.<\/p>\n<p>You must provide documentation verifying the expense, and only certain expenses qualify including:<\/p>\n<ul>\n<li>Medical expenses that aren\u2019t reimbursable<\/li>\n<li>Home purchase expenses (for only your primary residence)<\/li>\n<li>College and post-secondary education expenses for you, your spouse, or your dependent (for only the next 12 months of expenses)<\/li>\n<li>Expenses that prevent your eviction or foreclosure of your primary residence<\/li>\n<li>Burial or funeral expenses for your deceased parent, spouse, or dependents<\/li>\n<li>Expenses for repairing damage due to a major disaster (per section 165 of the IRS code)<\/li>\n<li>Expenses relating to damage incurred by a federally declared disaster (flooding, wild fire, hurricane, etc.)<\/li>\n<\/ul>\n<p>Once you take out a hardship withdrawal, you must pay income tax on the money plus the early withdrawal tax, per IRS rules.<\/p>\n<h3>Qualified Disaster Relief and Qualified Domestic Violence Distributions<\/h3>\n<p>If you have qualifying life events to meet the eligibility requirements for either of these distributions please contact TIAA to request the distribution.<\/p>\n<div style=\"text-align:right;\"><a href=\"#top\">Return to top<\/a><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Fund-review-committee\"><\/span>Fund review committee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Fund Review Committee is a standing committee defined in the plan document and authorized by the UW Board of Regents. Learn more about the <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/fund-review-committee-for-uw-retirement-plans\/\">Fund Review Committee<\/a> responsibilities and membership.<\/p>\n<div style=\"text-align:right;\"><a href=\"#top\">Return to top<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Save beyond your primary UW retirement plan by enrolling in the Voluntary Investment Program (VIP), a tax-advantaged retirement plan that offers an array of mutual funds and annuities<\/p>\n","protected":false},"author":49,"featured_media":0,"parent":228,"menu_order":10,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"class_list":["post-230","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/pages\/230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/comments?post=230"}],"version-history":[{"count":2,"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/pages\/230\/revisions"}],"predecessor-version":[{"id":10572,"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/pages\/230\/revisions\/10572"}],"up":[{"embeddable":true,"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/pages\/228"}],"wp:attachment":[{"href":"https:\/\/hr.uw.edu\/benefits\/wp-json\/wp\/v2\/media?parent=230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}