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All CWU employees, except students whose wages are exempt from FICA, have the
option of participating in the Voluntary Investment Plan (VIP),
in addition to their regular retirement plan.
Deductions are made from your gross salary before taxes are calculated, so you
pay less tax now. Contributions and earnings grow tax-deferred,
until you apply for benefits or request a distribution. Depending on your income,
you may be able save additionally money on your taxes under the
Savers Tax Credit.
VIP contributions are not matched by CWU. You may contribute as little as $30 a
month ($15 a pay period), or as much as the maximum tax-deferral
allowed by federal IRS tax laws. Tax deferral limits are:
- if you are under age 50, up to $16,500 in 2009
- if you are age 50 and above, up to $22,000 in 2009
Employees direct how contributions are invested among selected accounts with
the
three Fund Sponsors, and may reallocate existing
account balances and/or future allocations at any time by calling one of its
customer
service representatives.
Disclaimer: The University provides educational information and
tools to help you make choices that suit your individual goals.
The University cannot provide investment advice to employees.
Money contributed to the VIP cannot be withdrawn until you either reach
age 59 1/2 or separate from employment. Once you have separated from
employment or reached age 59 1/2, you may elect to receive accumulations
subject to the rules of the fund sponsor. Penalty for early withdrawal
may apply.
- TIAA-CREF
4205 Carillon Point
Kirkland, WA 98003
1-800-842-2776
- Fidelity
82 Devonshire Street
Boston, MA 02109
1-800-343-0860
-
Vanguard
P.O. Box
1101Valley Forge, PA 19482-1101
1-800-523-1188
To Enroll, Change or Stop your contributions, complete the
Enrollment/Change Form, and send it to the Benefits Office at Mail
Stop 7425.
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