Voluntary Investment Plan (VIP)
Visit www.fidelity.com/cwu to view your account, learn more, enroll online, or schedule a consultation with a Fidelity Representative. Contact Fidelity at 1-800-343-0860.
The VIP is a tax-deferred optional retirement savings plan, operating under Section 403(b) of the Internal Revenue Code (IRC). The advantages to contributing to the VIP are that your contributions are deducted from your gross salary before taxes are calculated and your contributions and earnings grow tax-deferred until you take a distribution.
VIP contributions are NOT matched by the University. Social Security tax is still paid on the deduction and contributions to VIP have no effect on future Social Security benefits. Your VIP funds should be regarded as unavailable until you reach age 59 1/2 or separate from the University. Loans are available under certain circumstances. Any withdrawals will be subject to federal income taxes, and a 10% penalty may apply.
All CWU employees, except students, may participate in the VIP in addition to their regular retirement plan.
Maximum Contribution Limits for 2013
The maximum amount you can contribute to your VIP for 2013 is $17,500 if you are under age 50 and $23,000 if you are age 50 or over.
CWU reserves the right to stop or return VIP contributions to prevent over-deferrals.
Money contributed to the VIP may only be withdrawn when you reach age 59 1/2 or separate from employment. Penalty for early withdrawal may apply.
The University cannot provide investment advice to employees.