{"id":232,"date":"2016-04-14T23:58:43","date_gmt":"2016-04-15T06:58:43","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=232"},"modified":"2024-01-11T09:05:51","modified_gmt":"2024-01-11T17:05:51","slug":"deferred-compensation","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/deferred-compensation\/","title":{"rendered":"Deferred compensation"},"content":{"rendered":"

As a UW employee, you\u2019re eligible to participate in Washington state\u2019s Deferred Compensation Program (DCP), a retirement plan that offers you another opportunity to maximize your tax-advantaged savings. Newly hired full-time employees* will be automatically enrolled in pre-tax DCP two months after their hire date. If you wish to opt out of automatic enrollment or wish to learn more please visit the Department of Retirement Systems DCP website<\/a>\u00a0for additional information.<\/p>\n

*Automatic Enrollment\u00a0does not apply to new temporary and student employees (undergraduates or graduate ASE\u2019s)<\/em><\/p>\n

The DCP is a 457(b) deferred compensation plan. Your contribution can be made pre-tax and\/or Roth, and you get to choose your investment funds from the Washington State Investment Board’s menu of options. Your investments grow until you\u2019re ready to withdraw them at retirement. Because DCP is a voluntary savings program, you can start, stop, or change your contributions at any time. Any changes to your contribution rate will be effective as soon as the DRS processes your request and provides instructions to the University.<\/p>\n

You can use the DCP in addition to both your mandatory\u00a0UW retirement plan and the UW Voluntary Investment Program (VIP)<\/a>, if you\u2019re 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 retirement savings.<\/p>\n

Learn more and enroll<\/h4>\n

The DCP is part of the Washington State Department of Retirement Systems. Visit their website to learn more about how DCP works<\/a> including the investment options available<\/a> and the annual contribution limits<\/a>. You\u2019ll also find enrollment instructions<\/a> on their website.<\/p>\n

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Learn about the state’s optional deferred compensation retirement plan<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":228,"menu_order":20,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-232","page","type-page","status-publish","format-standard","hentry","search_bucket-contact-benefits","search_bucket-page"],"acf":[],"yoast_head":"\nDeferred compensation - Benefits<\/title>\n<meta name=\"description\" content=\"Consider enrolling in the Deferred Compensation Plan if you want yet another option for building your tax-advantaged retirement savings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/optional-retirement-plans\/deferred-compensation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deferred compensation - 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