Skip to:Main Content

Washington and Lee University

Washington and Lee University
Washington and Lee University Campus Image


Defined Contribution Retirement Plan

Social Security benefits are not substantial enough to be an individual's sole or primary source of retirement income; therefore, the University strongly encourages its employees to participate in the Washington and Lee University Defined Contribution Retirement Plan. The University offers retirement savings plans through TIAA-CREF and Fidelity.

All non-student employees are eligible, upon employment, to open an account and can contribute as much as they would like (up to the IRS limit). There are a number of attractive features, such as tax deferral for federal and state income tax purposes, and loan, hardship and in-service withdrawals (all subject to qualifications).

After two consecutive anniversary years of working 1,000 hours or more for Washington and Lee University, employees are eligible for a University contribution. Time worked at another higher educational institution in each of the two 12 month periods just prior to employment by W&L may count toward this waiting period.

The University contributes an unmatched 5% to the plan and matches an employee's contribution up to 5% (up to the IRS maximum allowable). A person taking full advantage of the program, therefore, will contribute 5% and the University 10% for a total of 15% of salary. Certain additional catch-up contributions may be available for employees older than 50 and/or those who have more than 15 years of service.

Employee contributions may be made on a tax-deferred or post-tax basis up to permissible federal and state limits.