Employer and Employee Paid
For most Faculty and Exempt Employees

Eligibility

Faculty and exempt administrators with an academic - or calendar-year appointment at 50% of full time or more are eligible for and required to participate in the retirement plan beginning with the first day of eligible employment. (See below for exceptions.)

Additionally, faculty with less than full academic - or calendar-year appointments are eligible the first day of the second consecutive quarter appointment that is at least 50% of full time. Administrators with less than full academic - or calendar-year appointments are eligible the first day of the seventh consecutive calendar month of employment of at least 50% of full time. Individuals meeting the eligibility criteria based on such temporary employment may make a one-time, irrevocable election to join the Plan, or to waive participation.

Note: Certain exceptions apply for employees who have been participants in the State of Washington Teachers Retirement System (TRS), or the Public Employees' Retirement System (PERS). Please contact the Benefits Office for details.

Contribution Rates

Employee contributions are tax-deferred and matched 100% by CWU. The contribution rate is based on age.

• 5% of gross salary - under age 35;
• 7.5% of gross salary - age 35 - 50;
• 10% of gross salary - age 50 and above

Employees may contribute additional tax-deferred amounts to a supplemental retirement account (not matched by CWU). See Supplemental Retirement Accounts.

Investments

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.

Vesting is immediate. Employees own their contributions, CWU matching contributions, and investment earning. Loans and withdrawals are not available during employment.

List of Investment Options for the Central Washington University Retirement Plan

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.

Retirement and Separation from service

You may retire on the first day of any month after attaining age 62. Alternatively you can receive retiree benefits, such as retirement income and self-paid retiree medical insurance, if you meet the age and service criteria for retirement. Contact the Benefits Office for further information.

You may elect to receive accumulations subject to the rules of the fund sponsor any time after retirement or separation from CWURP employment. All distribution options offered by plan sponsors are available immediately upon separation from employment. Retirement income is based on the amount of employee and CWU contributions, and the investment earnings, the employee's age when beginning income, and the income option selected.

It is recommended that you contact the Benefits Office approximately six months before your desired retirement date.

Fund Sponsors

• 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 1101
  Valley Forge, PA 19482-1101
  1-800-523-1188