An employee’s participation in basic retirement plans (UWRP, PERS 1, PERS 2, PERS 3, TRS 1 or 2; LEOFF 2), and optional retirement savings plans - Voluntary Investment Plan (VIP) and WA State Deferred Compensation) ceases upon separation from employment.
Review your retirement plan rules and determine what employment restrictions apply and what taxes and penalties may apply if you withdraw the funds. UWRP and VIP funds are not available to you for withdrawal if you continue to work at the UW at a reduced or temporary capacity. IRS rules require the complete termination of all employment before an employer can allow access to these funds. Contact UW Benefits about funds withdrawal if you are age 59 ½ or above, as special rules apply for VIP participants. Participants in the Washington State Deferred Compensation Program should contact the program directly.
Layoff Support Resources
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Benefits at Layoff