Proposals/presentations/issues
Faculty councils serve as deliberative and advisory bodies for all matters of University policy, and are primary forums for faculty-administrative interaction in determining that policy. Faculty Code, Sec 42-33
FCBR shall be responsible for all matters of policy relating to faculty retirement, insurance and benefits. Faculty Code, Sec 42-44.
Office of Human Resources – Benefits & Work/Life
Home page | Benefits summaries (by appointment type)
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WA Cares Fund and Long-Term Care (LTC) Insurance
In 2019, Washington State established the WA Cares Fund. The fund will provide eligible residents with up to $100 per day, with a maximum lifetime limit of $36,500, to pay for long-term care services (see http://www.wacaresfund.wa.gov/ for details).
The WA Cares Fund is entirely funded by employees. Starting January 1, 2022, all employees in Washington State will contribute to the fund with 0.58% of their gross wages through payroll deductions. Differently from contributions to Social Security or Washington State’s Paid Family and Medical Leave program, there is no cap on the amount of wages on which the deductions apply.
Benefits are only available to those that have contributed for a certain number of years (between 3 and 10) and that reside in Washington State when they require long-term care.
Washington State allows individuals that have purchased qualifying private LTC insurance before November 1, 2021, to opt out of the WA Cares Fund. Applications for an exemption need to be filed between October 1, 2021, and December 31, 2022, with Washington State’s Employment Security Department (ESD).
In its May 24 meeting, FCBR learnt from Susan Yi, CPA and an independent insurance professional, about the private LTC insurance options in Washington State. There are generally four types of LTC insurance offered in the private market:
- Stand Alone Policies
- Asset Based (Hybrid) Policies
- Indexed universal life (IUL) Policies with a LTC Rider
- Annuities with a LTC Rider
Products vary in many ways, including the time over which premiums are paid, whether any contributions are returned, for example in the form of annuities or death benefits, as well as with respect to their tax treatment.
As a state institution, UW is not authorized by the Health Care Authority (HCA) to offer alternative long term care insurance programs and will not be providing guidance on private long term care insurance options.
FCBR encourages all UW employees to learn about the upcoming WA Cares Fund and to decide which course of action is best for their individual circumstances. FCBR does not endorse any particular choice, product, insurance provider, or insurance agent.
Below is a list of resources to get started:
- Presentation by Susan Yi to FCBR on May 24
- WA Cares Fund: http://www.wacaresfund.wa.gov/
- WA Insurance Commissioner: https://www.insurance.wa.gov/long-term-care-insurance-companies-approved-sell-washington-state
- UW HR Benefits: https://hr.uw.edu/benefits/insurance/other/WA-Cares-Fund/
- A list of insurance companies approved to sell LTC insurance in Washington State can be found on the Insurance Commissioner’s website.
- Sequoia Blog: https://www.sequoia.com/2021/04/get-ready-for-washington-states-new-long-term-care-program/
- Long-Term Care Insurance Premiums from Bankers (Contact: Logan VanNess, Logan.VanNess@bankerslife.com)
- Geekwire article with sample premiums: https://www.geekwire.com/2021/receive-long-term-care-email-employer-heres-means-opt-opt/
UW Supplemental Retirement Income (UWSRI)
The UW Supplemental Retirement Plan is a unique plan that is designed to protect UWRP participants against declines in U.S. stock market values and U.S. interest rates, which could adversely affect participants’ ability to retire. Faculty, academic staff, professional staff, and librarians of the University of Washington (UW), who participate in the UW Retirement Plan (UWRP) and who joined the University of Washington before March 1, 2011, may be eligible for retirement benefits under the UW Supplemental Retirement Plan (UWSRP). FCBR has compiled the following list of resources for those interested in learning more about this benefit:
- UW Benefits web site
- UWSRP Presentation UWSRP-for-EVP-2017-03-10
- UWSRP report by faculty members Gowri Shankar and Stephan Siegel
- UWSRP Q & A by (former) faculty members Robert Bowen and Stephan Siegel
- Plan Document
Letters to external agencies
Letter to HCA concerning long term disability insurance maximum limit. (August, 2017). See response from Health Care Authority.
Letter to PEBB concerning review of the VEBA (Voluntary Employee’s Beneficiary Association) Plan. (April, 2016)
FCBR initiatives
Benefits Review Letter to full-time UW faculty from UW Faculty Senate Chair & FCBR Chair. (December, 2020)
Letter to Faculty Senate Chair concerning the report of the Ad Hoc Committee on Faculty Pre-retirement Planning. (May, 2018)
Report of the Ad Hoc Committee on Faculty Pre-retirement Planning. (April, 2018)
Proposal to establish an ad hoc working group to recommend improvements in faculty pre-retirement planning. (May, 2017)
Transgender healthcare
Eliminating Washington transgender healthcare exclusions. Presentation by Roberta Dalley, associate professor of radiology. (January 27, 2014)
UW Benefits studies
Benefits Comparison: UW vs. other public U.S. research institutions. Report by the Faculty Council on Benefits and Retirement. (May, 2017)
UWRP/VIP Fund Review Committee
The UWRP and VIP Fund Review Committee is a standing committee defined in each plan document and authorized by the UW Board of Regents. The Fund Review Committee is responsible for selecting and recommending the plan record keeper(s) and investment options, and for monitoring their performance. Recommendations from the Fund Review Committee go to the provost and executive vice president who has the delegated authority from the regents to act on the recommendations.
The WholeU
The WholeU fosters community, shares ways to stay healthy, and promotes the great benefits and services available to UW faculty and staff. The WholeU encompasses six pillars: staying healthy, being active, eating well, life events & changes, volunteerism, and engaging personal interests.