Administrative Policy Statement
40.4
Insurance Benefits and Retirement Plans
(Approved by the Executive Vice President by authority of Executive Order No. 5)
The provisions governing eligible employee benefits are contained
in the Revised Code of Washington (RCW) and the Washington Administrative
Code (WAC). These statutes and rules describe the programs and policies
in greater detail than is possible within the Administrative Policy Statements
manual. If there is any conflict between the code and information contained
in the Administrative Policy Statements manual, the official statutes or
rules prevail.
For complete plan details and current documents concerning the
following benefits, contact the Benefits Office by phone: 206–543–2800;
email: benefits@u.washington.edu;
or campus mail: Box 355660.
The following provides brief synopses of the insurance benefits
and retirement plans available to eligible employees of the University.
The state of Washington provides medical, dental, life, and disability
insurance coverage to all eligible state employees and
retirees. The Washington State Legislature sets the benefits funding level.
The Public Employees Benefits Board (PEBB) establishes eligibility requirements
and approves the benefits plans of all participating health care organizations.
The Health Care Authority (HCA) is responsible for purchasing
and administering benefits within the amount funded by the Washington State
Legislature. The University of Washington Benefits Office administers
these plans for all University employees.
- A Comprehensive Medical Benefits Package Employees may choose either a traditional reimbursement plan or one of several managed health care plans.
- A Dental Benefit Package—Employees may choose either a traditional
reimbursement plan or one of the managed dental care plans.
- Group Term Life and Accidental Death and Dismemberment
Insurance—Levels of coverage(s) are determined individually by the
employee.
- Long-Term Disability Insurance Coverage—Levels of disability coverage
are determined individually by the employee.
a. Public Employees' Retirement System (PERS)
The Public Employees' Retirement System (PERS) is a statewide retirement system established by the Washington State Legislature to provide retirement benefits.
- Employees and the University contribute to PERS Plan I or Plan II accounts,
depending on the date of hire.
- The PERS Retirement Plan is a defined benefit plan, in which retirement
benefits are based on an established formula.
- A participant may qualify for retirement benefits by reason of age and
years of service or condition of health.
b. Teachers' Retirement System (TRS)
The Teachers' Retirement System (TRS) is a statewide
retirement system established by the Washington State Legislature
to provide retirement benefits.
- University employees with existing TRS service credit
may continue participation; University employees may
not establish TRS eligibility through their University
employment.
- Employees and the University contribute either to
Plan I, Plan II, or effective July 1, 1996, Plan III,
depending on the date of hire.
- The TRS Retirement Plan is a defined benefit plan,
in which retirement benefits are based on an established
formula.
- A participant may qualify for retirement benefits by reason
of age and years of service or condition of health.
c. Law Enforcement Officers' and Fire Fighters'
Retirement System (LEOFF)
The Law Enforcement Officers' and Fire Fighters'
Retirement System (LEOFF) is a statewide retirement system
established by the Washington State Legislature to provide
retirement benefits.
- Employees and the University contribute to Plan II.
- The LEOFF Retirement Plan is a defined benefit plan,
in which retirement benefits are based on an established
formula.
- A participant may qualify for retirement benefits
by reason of age and years of service or condition
of health.
d. University of Washington Retirement
Plan (UWRP)
The University of Washington Retirement
Plan (UWRP) has been established by the University's
Board of Regents to provide retirement benefits to its
participants.
- Participating employees and the University contribute
equally to the UWRP.
- The UWRP is a defined contribution plan, and operates
under Section 403(b) of the Internal Revenue Code.
- A participant may qualify for retirement by reason
of age or condition of health.
- A participant may be eligible for a supplemental
retirement payment based upon factors of employment.
e. Voluntary Investment Plan (VIP)
The Voluntary Investment Plan (VIP) is
an optional retirement plan.
- The VIP allows participants to invest additional
dollars on a tax-deferred basis towards retirement.
- The VIP operates under Section 403(b) of the
Internal Revenue Code.
f. Washington State Deferred Compensation
(CDC)
The Washington State Deferred Compensation
(CDC) is an optional retirement plan.
- The CDC allows participants to invest additional
dollars on a tax-deferred basis towards retirement.
- The CDC operates under Section 457 of the
Internal Revenue Code.
The Washington State Dependent Care Assistance Salary Reduction Plan (DCA) is a means of saving money for dependent and child care needs on a tax-free basis.
- Employees are subject to a maximum salary reduction of $5,000 per tax year.
- Dependent Care Assistance Regulations are in Title 154 of the Washington
Administrative Code (WAC), and operate under Internal Revenue Code
Sections 125 and 129.
The Nationwide Insurance Company is contracted by the Public
Employees Benefits Board (PEBB) to offer elected insurance coverage. Insurance
coverage is paid through payroll deduction.
March 1996.