- Willamette
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- Benefits
- Retirement Information
Voluntary Savings
All employees, including temporary staff and adjunct and visiting faculty 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 $17,000 for 2012. Additional "catch-up" contributions may also be available to you, including age-related catch up for participants age 50 and over, and service-related catch up for participants with over 15 years of continuous service to Willamette.
To start making voluntary contributions, logon to your account through the Diversified website at www.divinvest.com and under the "Transactions" drop-down menu, click "Deferral/Payroll Deduction" and follow the prompts. Participants can also initiate voluntary contributions by calling (800) 755-5801. The following flyer can help guide you through the process, whether online or by phone.
Easy Access to your Diversified Account
Retirement Plan Compliance
Willamette University files an annual Form 5500 with the IRS and the Department of Labor. 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 the most recent filing and audit.
WU Retirement Plan
One of the most valuable benefits provided to eligible employees is the Willamette University Defined Contribution 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 for the University contribution is extended to all non-temporary staff who work at least 1,000 hours, tenure track faculty, and "continuing" non-tenure-track faculty. Contributions are immediately vested. All faculty and staff, including temporary staff, adjunct faculty, and visiting faculty who are not eligible for the employer contributions to the plan, may contribute to the plan on a voluntary basis.
One Plan - One Vendor
Effective January 1, 2012, Willamette University's Defined Contribution Retirement Plan and the Supplemental Retirement Plan, previously two separate plans, merged into one plan managed by one company, Diversified Retirement Corporation. Diversified is widely recognized as an oustanding service provider in their industry, and uniquely qualified to help Willamette University deliver an outstanding benefit program.
Plan Information
For more information on eligibility and provisions under this plan, please contact Human Resources to request a Summary Plan Description. The full plan document for the Willamette University Defined Contribution Retirement Plan is also available upon request. Please note, these documents are being restated due to the merger of the University's Supplemental Retirement Plan and the Defined Contribution Retirement Plan into one plan, effective January 1, 2012.
Plan Oversight
The University's Retirement Plan Advisory Committee (RPAC) is responsible for ongoing monitoring of investment options made available under the retirement plan. The committee's oversight is guided by the Investment Policy Statement that follows.
In addition, you will find below the investment options that are available under the new plan structure that began January 1, 2012. The new investment menu includes the option to choose an automated investment solution called Portfolio Express, which automatically diversifies your investment selection based on your target retirement date. The plan also makes available a Personal Choice Retirement Account (PCRA) that permits transfer of funds under the plan to a brokerage window for more sophisticated investors.
Further information on investment choices is available to participants through the Diversified Retirement Corporation website.
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.