Retirement Plan Options
Western provides different retirement plans for employees dependent upon employee classification. If you are new to Western or in a new retirement eligible role, the Benefits department will notify you of your retirement plan options and any enrollment deadlines. This information is shared both by email and in your Onboarding Task List in PageUp.
Retirement elections are a hard deadline and failure to submit your election form back to the Benefits department by the due date runs the risk of being defaulted into a retirement plan with no option to change. Default retirement plans are dependent on the employee classifications listed below.
If you have prior service years in any of these retirement plans from a previous position or with a previous employer you may be enrolled back into the same retirement plan.
All new employees will be invited to a Benefits orientation session to support you in making your benefits elections. Further questions can be sent to HR.Benefits@wwu.edu.
Classified Staff
Page Contents
Retirement Resources
Retirement plans for eligible classified staff are available through the Public Employees Retirement Systems (PERS) program operated by the Department of Retirement Systems (DRS). There are two plans available: PERS Plan 2 or PERS Plan 3. Please review the resources below and those available on the DRS Plan Choice Website to aid in your decision. The Plan Choice Comparison allows you to see plan details side-by-side.
Employees have 90 days from their start date to make a selection and PERS plan enrollments are final. Retirement elections cannot be changed while you are employed at Western and PERS elections may follow you through your career at other Washington State employers.
Employees who do not submit their DRS election form by the due date will be automatically enrolled into the DRS PERS Plan 2.
PERS Plan 2
- Traditional Pension Plan: When you meet plan requirements and retire you are guaranteed a certain monthly income for the rest of your life. The income you receive from this plan after retirement depends on your final salary and your years of service.
- Vesting: You must work at least 5 years to be eligible to receive retirement benefits.
- Contribution Rates: Both Western and the employee contribute to the pension fund. The DRS sets contribution rates every two years based on funding needs. As of 09/01/2023, the employee contribution rate is 6.36%.
PERS Plan 3
- Pension Plan & Deferred Compensation Investment: PERS 3 is a hybrid plan that combines a traditional pension plan with investment options.The pension part of the plan guarantees you a monthly benefit for the rest of your life once you meet the plan requirements and retire. The benefit amount depends on your final salary and your years of service at the time of retirement. The other part of the plan allows you to invest a part of each paycheck into a retirement fund (similar to a 401(k)) and the amount you earn depends on the performance of your investments.
- Vesting (for pension portion only): You must work at least 10 years, or 5 years if you are over age 44, to be eligible to receive pension benefits. The investment piece does not have a vesting period.
- Contribution Rates: WWU contributes to the pension portion of this plan and the employee contributes to the investment account. Employee contribution rates vary for 5% to 15% and are fixed once you choose your rate.
Additional Resources
Professional Staff
Retirement plans for eligible professional staff are the Department of Retirement Systems (DRS) Public Employee Retirement System (PERS) Plan 3 or the Western Washington University Retirement Plan (WWU-URP).
Employees have 30 days from their start date to make a selection and plan enrollment into is final. Retirement elections cannot be changed while you are employed at Western and PERS elections may follow you through your career at other Washington State employers.
Employees who do not submit their retirement election form by the due date will be automatically enrolled into the WWU-URP plan.
WWU-URP
- 403(b) Defined Contribution Plan: Employees make tax-deferred contributions to this plan which are invested and managed by Fidelity Investments and/or TIAA. Western matches all employees contributions to this plan.
- Immediate Vesting: All money in your account, including WWU contributions and investment returns, are vested immediately and belong to the employee upon separation from Western.
- Contribution Rates: A fixed percentage of employee gross wages based on age are contributed to the plan and rates cannot be changed or adjusted.
PERS Plan 3
- Pension Plan & Deferred Compensation Investment: PERS 3 is a hybrid plan that combines a traditional pension plan with investment options.The pension part of the plan guarantees you a monthly benefit for the rest of your life once you meet the plan requirements and retire. The benefit amount depends on your final salary and your years of service at the time of retirement. The other part of the plan allows you to invest a part of each paycheck into a retirement fund (similar to a 401(k)) and the amount you earn depends on the performance of your investments.
- Vesting (for pension portion only): You must work at least 10 years, or 5 years if you are over age 44, to be eligible to receive pension benefits. The investment piece does not have a vesting period.
- Contribution Rates: WWU contributes to the pension portion of this plan and the employee contributes to the investment account. Employee contribution rates vary for 5% to 15% and are fixed once you choose your rate.
For more information check out the PERS Plan 3 Basics, PERS Plan 3 Handbook, and DRS Webinars.
Faculty Members
Retirement plans for eligible faculty members are the Department of Retirement Systems (DRS) Teachers Retirement System (TRS) Plan 3 or the Western Washington University Retirement Plan (WWU-URP).
Employees have 30 days from their start date to make a selection and plan enrollment into is final. Retirement elections cannot be changed while you are employed at Western and TRS elections may follow you through your career as a faculty member at other Washington State employers.
Employees who do not submit their retirement election form by the due date will be automatically enrolled into the WWU-URP plan.
WWU-URP
- 403(b) Defined Contribution Plan: Employees make tax-deferred contributions to this plan which are invested and managed by Fidelity Investments and/or TIAA. Western matches all employees contributions to this plan.
- Immediate Vesting: All money in your account, including WWU contributions and investment returns, are vested immediately and belong to the employee upon separation from Western.
- Contribution Rates: A fixed percentage of employee gross wages based on age are contributed to the plan and rates cannot be changed or adjusted.
TRS Plan 3
- Pension Plan & Deferred Compensation Investment: TRS 3 is a hybrid plan that combines a traditional pension plan with investment options. The pension part of the plan guarantees you a monthly benefit for the rest of your life once you meet the plan requirements and retire. The benefit amount depends on your final salary and your years of service at the time of retirement. The other part of the plan allows you to invest a part of each paycheck into a retirement fund (similar to a 401(k)) and the amount you earn depends on the performance of your investments.
- Vesting (for pension portion only): You must work at least 10 service credit years, or 5 service credit years if you are over age 44, to be eligible to receive pension benefits. The investment piece does not have a vesting period.
- Note on years of services for TRS: Faculty earn 12 months of service credit (1 service credit year) if you work at least 810 hours during the school year, which is defined as September 1 through August 31.
- Contribution Rates: WWU contributes to the pension portion of this plan and the employee contributes to the investment account. Employee contribution rates vary for 5% to 15% and are fixed once you choose your rate.
For more information check out the TRS Plan 3 Basics, TRS Plan 3 Handbook, and DRS Webinars.
Police Officers
Eligible law enforcement officers are enrolled in the Department of Retirement Systems (DRS) Law Enforcement Officers’ & Fire Fighters’ Retirement System (LEOFF) Plan 2. More information in available in the LEOFF Plan 2 Handbook or by watching a DRS Webinar.
Employees have 90 days from their start date to submit their enrollment form to the Benefits department. Retirement elections cannot be changed while you are employed at Western and LEOFF election may follow you through your career as a law enforcement officer in Washington State.