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- Retirement Information
Supplemental Retirement Plan
All employees, including temporary faculty and staff, may sign up for participation in the University retirement plan on a voluntary basis. Employees may contribute up to the IRS maximum deferral limit, which is $16,500 in 2011. Additional "catch-up" contributions may also be available to you.
Salary Reduction Agreement Form (all-in-one)
Retirement Plan Compliance
Willamette University recently filed its first Form 5500 under new regulations for 403(b) retirement plans. As part of this filing, the University is required to submit an independent auditor's report of the plan. Below is a link to the Summary Annual Report of the plan that has resulted from this filing and the audit.
WU Retirement Plan
One of the most valuable benefits provided to eligible employees of Willamette University is our Defined Contribution 403(b) Retirement Plan. Upon enrollment in the plan, eligible faculty and staff receive a contribution of 10% of gross base pay from the University in exchange for a mandatory contribution of 1% by the employee. Elibility is extended to all continuing, non-temporary faculty and staff who work at least 1,000 hours (or are at least 50% of full-time). Contributions are immediately vested.
Effective January 1, 2012, Willamette University's Defined Contribution Retirement Plan and the Supplemental Retirement Plan are merging into one plan managed by one company, Diversified Retirement Corporation. For more information, click here.
For more information on eligibility and provisions under this plan, please see the Summary Plan Description (SPD). Where information on this website and the terms of the Plan Document and/or SPD vary, the Plan Document shall govern. Please note, these documents will be restated effective January 1, 2012 due to the merger of the University's Supplemental Retirement Plan and the Defined Contribution Retirement Plan.
The University's Retirement Plan Advisory Committee (RPAC) is responsible for ongoing monitoring of investment options made available under the newly merged plan. The committee's oversight is guided by the Investment Policy Statement that follows. In addition, you will find the investment options that will be made available under the new plan design that begins January 1, 2012. The new investment menu will also include "glide path" investment choices made up of these funds to facilitate simplified investment selection. Further information on this list of investments will be available through the Diversified Retirement Corporation website after October 10, 2011.
Information on Prudential Guaranteed Income Fund (Stable Value Option)
For more information, the committee maintains a WISE site that is open to Willamette faculty and staff to join. Look for "WU Retirement Plan" under joinable sites.