Retirement Savings Plan
Defined Contribution Retirement Plan
Social Security benefits are not substantial enough to be an individual's sole or primary source of retirement income; therefore, the University strongly encourages its employees to participate in the Washington and Lee University Defined Contribution Retirement Plan. The University offers retirement savings plans through TIAA and Fidelity.
All non-student employees are eligible, upon employment, to open an account and can contribute as much as they would like (up to the IRS limit). There are a number of attractive features, such as tax deferral for federal and state income tax purposes, and loan, hardship and in-service withdrawals (all subject to qualifications).
After two consecutive anniversary years of working 1,000 hours or more for Washington and Lee University, employees are eligible for a University contribution. Time worked at another higher educational institution in each of the two 12 month periods just prior to employment by W&L may count toward this waiting period.
The University contributes an unmatched 5% to the plan and matches an employee's contribution up to 5% (up to the IRS maximum allowable). A person taking full advantage of the program, therefore, will contribute 5% and the University 10% for a total of 15% of salary. Certain additional catch-up contributions may be available for employees older than 50 and/or those who have more than 15 years of service.
Employee contributions may be made on a tax-deferred or post-tax basis up to permissible federal and state limits.
The mandatory Social Security tax (FICA) deducted from an employee's paycheck is matched by the University.
- Summary Plan Description
- Investment Policy Statement
- Qualified Default Investment Alternative and Factsheet for TIAA Lifecycle Funds-Retirement Share Class
- Conditions and Required Documentation for Hardship Withdrawal
- Employer Administrative Elections - Rules for Loans
- Employer Administrative Elections - Rules for Hardship Distributions