Central Washington University Board of Trustees October 22, 2026 Action – Approval of Retirement Plan Changes
Changes to the CWU Retirement Plan (RP) and Voluntary Investment Plan (VIP) reflect current plan design and legal requirements, including adding loan availability, SECURE 2.0 “Super Catch-Up” contributions, and COVID-era provisions. The amendments also update administrative provisions to reflect the creation of the Retirement Plan Oversight Committee and TIAA as the sole recordkeeper, while modernizing and consolidating existing plan language and procedures.
Plan
Provision
Explanation
RP
Adds availability of loans
Discretionary plan design change implemented January 1, 2026
RP &VIP
Adds CARES Act provisions, including special distribution rules and suspension of 2020 required minimum distributions Adds SECURE Act 2.0’s “Super Catch Up” ages 60-63
Reflects COVID-19 pandemic era plan features available for a limited period of time
VIP
Newly available under SECURE Act 2.0
VIP
Updates plan administrator provisions
Reflects creation of Retirement Committee
VIP
Updates list of record keepers
Reflects change from dual record keeper to TIAA as single record keeper Modernization improvements to language/ drafting
VIP
Updates language relating to elections, IRS limits, plan administration, indemnifications, plan rollovers (in and out), and plan-to-plan transfers Pulls into plan document language currently residing in annuity contracts and custodial accounts (e.g., age 59.5 in-service distribution and disability distributions) Streamlines spousal consent requirements to a single location in document Provides for references to handling corrections, claims and disputes
VIP
Best practice to include in plan document
VIP
Improvements to language/ drafting
VIP
Procedures currently reside outside of plan document
We recommend the following motion:
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