The Washington Supplemental Retirement Plan (WARP) is a retirement savings program offered to eligible employees in the state of Washington. It serves as an additional retirement benefit to help individuals save and invest for their post-employment years. The WARP aims to provide participants with a secure and reliable source of income during retirement. The WARP is designed to supplement other retirement plans, such as the Washington State Retirement System (WARS) or the Public Employees' Retirement System (PEERS). It offers employees an opportunity to save and invest additional funds beyond what they contribute to their primary retirement plans, ensuring a more comfortable retirement. The Washington Supplemental Retirement Plan provides participants with a variety of investment options, allowing them to tailor their investments to their individual needs and risk tolerance. These investment options include stocks, bonds, mutual funds, and other asset classes, providing participants with the opportunity to grow their retirement savings over time. One of the key advantages of the WARP is its tax-deferred status. Contributions made by employees are deducted from their pre-tax income, reducing their current tax liability and potentially allowing for greater savings growth over time. Taxes are only paid when funds are withdrawn during retirement, potentially at a potentially lower tax rate. The Washington Supplemental Retirement Plan offers flexibility in terms of contribution levels, with employees having the ability to adjust their contributions throughout their employment. This allows participants to align their savings with their changing financial circumstances or retirement goals. There are different types of Washington Supplemental Retirement Plans available depending on the employee's specific employment classification. Some notable plans include the WARP for state employees, WARP for public school employees, and WARP for higher education employees. These plans have similar features but cater to the retirement needs of different employee groups. Overall, the Washington Supplemental Retirement Plan serves as a valuable retirement savings tool, complementing primary retirement plans and helping employees achieve their long-term financial goals. It provides flexibility, tax advantages, and a range of investment options to ensure participants have the means to enjoy a secure and comfortable retirement.
Washington Supplemental Retirement Plan
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A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It's similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts.
Participants will receive a WSURP supplemental retirement plan benefit payment if the calculated Goal Income is greater than the amount of the calculated Assumed Income. The payment is reduced by 0.5% per month for each month prior to age 65, unless the retirement was due to disability.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
Supplemental contributions Type of limit2023403b under age 50$22,500403b age 50 and over$30,000Compensation limit (employer's matched retirement contributions are limited to matches made on this amount of salary)$330,000
Public Employees' Retirement System (PERS) Plan 3 has two parts: pension and investment. Your employer contributes to your pension, and you contribute to the investment account. When you meet plan requirements and retire, you are guaranteed a monthly benefit for the rest of your life from the employer-funded pension.
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.