Why do I need to name a beneficiary on this plan? If you do not have 10 or more years of combined Washington state higher education service, you do not need to complete the beneficiary form. HRS sent this notice to all WSURP participants who are age 62 or older. The Supplemental Retirement Plan is a potential benefit for individuals with 10 or more years of service with one or more Washington state higher education institution. Why did I receive the notice to submit a beneficiary form? I am 62, but do not have 10 years of service at WSU.
The beneficiaries you designate under your VIP plan are for the TIAA-CREF account WSU is unable to use your TIAA-CREF beneficiary designations for the Supplemental Retirement Plan. At WSU, historically the VIP has been referred to as a SRA, and should not be confused with the Supplemental Retirement Plan. The VIP is a voluntary plan that an employee has the ability to make voluntary contributions to for a future retirement benefit. I have a TIAA-CREF Voluntary Investment Plan (VIP)? Is this the same thing as the Supplemental Retirement Plan? Additional information about the Supplemental Retirement Plan can be found here. The benefit was designed to act as a “floor” to ensure that participants achieve at least a basic level of retirement income, provided they are at least age 62 with a minimum of 10 or more years or service with a Washington State Higher Education institution. Washington State University Retirement Plan (WSURP) participants also participate in the WSU Retirement Supplemental Plan. What is the Supplemental Retirement Plan? What is applicable supporting documentation to be submitted with the beneficiary form?.
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