In alignment with Washington State’s Department of Retirement Systems (DRS) policy, eligible new and returning employees at the University of Washington will now be automatically enrolled in the state’s Deferred Compensation Program (DCP) retirement plan. Eligibility to participate in the plan is not changing – only automatic enrollment is new for UW employees. The new policy applies to eligible employees with an effective hire date of January 1, 2019 and later.
Eligible employees will be mailed notification by the DRS of their Deferred Compensation enrollment options approximately 30 days after their date of hire. Unless the employee opts out or makes changes during the automatic enrollment period, employees will begin to see 3% contribution deductions on their paychecks 3 months after their hire date. If employees wish to opt out of automatic enrollment in the DCP, they must do so within 30 days of receiving their initial notification letter.
The first UW employees automatically enrolled in the DCP will begin seeing their contributions made in April.
If you have employees who have questions about the automatic enrollment process, please direct them to the DCP Automatic Enrollment webpage on the DRS website; employees can find a helpful enrollment timeline with details about important deadlines, as well as answers to frequently asked questions. We also recommend the DRS’s Guide to Automatic Enrollment (PDF) flyer.
Because the Deferred Compensation Plan is a voluntary retirement plan, employees can make changes to the contribution amount or investment options, opt out of the program, or join or re-join the program at any time. Employees can learn more about the DCP or about what changes they can make on the DRS’s Deferred Compensation Program webpage.