REMINDER: Important plan changes went into effect November 1, 2012. Visit www.fidelity.com/uw or call 1-800-642-7131 to learn more, schedule a consultation with a Fidelity Workplace Planning and Guidance Consultant, and see your investment options.
Under the UWRP 403(b) Plan rules, you are eligible to retire from active UWRP 403(b) Plan participation starting at age 55 with at least 10 years of UWRP participation or at age 62 regardless of years of service. Retirement from UWRP requires separation from your UW employment and UWRP-eligible position. A UWRP Retirement Application must be submitted to the UW Benefits Office no later than 60 days from the qualifying event to be considered for retirement from active service. Email the Benefits Office to request an application.
Consult your fund sponsors to understand the tax implications associated with starting an income before age 59½ .
UWRP allows participants under age 55 and 10 years of service to apply for a retirement “Because of Condition of Health” if they become disabled. This is also known as "disability retirement." (This is a complex process requiring extensive documentation and review. For details, review the UWRP Disability Retirement web page and contact the Benefits Office at 206-543-2800.
Your retirement income will be based on the amount of money you and the UW contributed to your retirement accounts, the investment earnings attributed to these monies, your age, and the income option you select.
There are a wide range of income options including:
You do not have to start an income at the time you retire. The IRS has what are called Minimum Distribution Requirements, which require you to begin an income by April 1 following your 70-1/2 birthday. See the IRS website or your UWRP fund sponsor for more information about this rule.
Your retirement income cannot begin until your final UWRP payroll deduction has been deposited in your account.
To begin your income:
Learn about additional retiree benefits.
Contact the Social Security Office periodically to review your file's accuracy.
Working After Retirement - UWRP retirees may be re-employed up to a maximum of 40% of full time. The 40% limit applies to the UWRP plan year which is from July 1 through June 30 each year. Specified job class codes must be used by the department for each appointment type.
Tenured faculty: Working After Retirement
UW Supplemental Retirement Plan (UWSRP) - available only to those who were active participants in the UW Retirement Plan (UWRP) on February 28, 2011. It is closed to UWRP participants who were not active participants on the date it closed or who enrolled in the UWRP on or after March 1, 2011.
Retirement Planning Tools
Find retirement planning tools, resources, and more at www.fidelity.com/uw.
Retirement Planning Guidance
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Were you a member of the UWRP on February 28, 2011? If so, you may be eligible for a calculation of the supplemental retirement benefit. Learn more.