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 record keeper(s) 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:
Use the UW Retirement Check List to create a personal planning calendar that includes these recommended steps, preferably at least one year from retirement. Contacts and resources are listed on page 2 of the Check List. (Disregard steps tagged for "DRS Participants Only" unless you were a previous participant in a DRS retirement plan.)
Please keep this document for your reference.
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 70½ birthday. See the IRS website or your UWRP record keeper(s) 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:
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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.