Washington State Deferred Compensation Program (WSDCP) is an optional, unmatched retirement savings program operating under Section 457(b) of the Internal Revenue Code (IRC). It is an agreement between an employee and the state that postpones ("defers") part of the employee's income. This income deferral reduces current taxable income and allows the deferred income to grow untaxed until retirement. The state of Washington retains ownership of funds invested through this plan until retirement.
Note: UW employees may participate in both the Voluntary Investment Program and the WSDCP in the same tax year at the same time if you wish to maximize your tax deferred savings.
As a UW employee, you are eligible to participate in the WSDCP at any time regardless of whether you are enrolled in one of the basic UW retirement plans.
Those not eligible to participate include:
To view the list of investment options, click here.
The maximum contribution limit for 2016 is $18,000, which is equal to:
Participants age 50 and older in 2016 are allowed an additional $6,000 for a maximum limit of $24,000. This is equal to:
In addition to the limits above, a Special Catch-up limit of $36,000 may be available to those participants nearing retirement. To determine your eligibility, please call DRS at 888-327-5596.
The minimum contribution to the plan is $30 per month ($15 per paycheck).
You can access enrollment materials through the WSDCP website or by calling WSDCP. Once you have enrolled with WSDCP, the UW Benefits Office will establish your payroll deductions according to instructions from WSDCP.
You may change or stop your contribution amount whenever you wish by contacting WSDCP.
Customer service representatives are available Monday through Friday, 8:00 AM to 5:00 PM Pacific Time except on holidays observed by the New York Stock Exchange.
DCP Information Line: 888-327-5596
Department of Retirement Systems
Deferred Compensation Program
PO Box 48380
Olympia, WA 98504-8380