/pay/,/pay/retirement/,/pay/retirement/retirement-benefits-for-physicians/,/pay/retirement/retirement-benefits-for-physicians/physicians-retirement-plan/,

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UWHC,UWMF,

Benefits,Clinicians,

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Pay & Benefits,Retirement,Retirement Benefits for Physicians

Physicians Retirement Plan

Physicians Retirement Plan - Pay & Benefits, Retirement, Retirement Benefits for Physicians

Focus

Benefit Summary

At time of new hire and during each Contribution Cycle Period (which happens every five years), faculty have the option to select one of six different contribution categories: 0%, 5%, 10%, 15%, 20%, or 25% which is the percent that they will contribute to the Physician Retirement plan.

In the fall of 2016, faculty was asked for the category which he/she wishes to be assigned by UWMF for the 5-year period from 2017 through 2021. The next Contribution Cycle Period will be in the fall of 2021.

Changes to fund investment options can be made at any time. The annual contribution maximum remains at the IRS maximum (e.g., $54,000 on a maximum compensation amount of $270,000 based on a maximum percentage of 25% for 2017). If the annual compensation is greater than the year’s annual salary cap, the contribution percentage that is elected will be based on that specific year’s salary cap. For example, if you elect to contribute 10% to the PRP with a salary of $300,000 in that year, you may only contribute 10% of $270,000 for that year.

You can take advantage of free individual counseling with a financial consultant to discuss overall financial needs and retirement planning by calling Fidelity Workplace Planning and Guidance Consultant toll-free number at 1-800-642-7131 or by visiting www.fidelity.com/atwork/reservations to search available dates and times at UWMF locations. 

Beneficiary Designation

You can change your beneficiary for your Physician Retirement Plan at anytime. To update your beneficiary, you must complete the Physician Retirement Plan Beneficiary Form and return it to UW Health Human Resources. In the State of Wisconsin, your spouse must be listed as your 100% primary beneficiary, unless a spousal consent form is signed and notarized.

Benefit Eligibility

 All UWMF physicians are eligible to participate in the Physicians Retirement Plan. 

Enrollment

Initial Enrollment

For New Hires, the Physicians Retirement Plan Contribution Category Request Form must be completed and returned to UWMF Human Resources within the first seven days of their date of hire or within the first seven days of their first month on UWMF payroll, whichever comes first. If the form is not received by that time, the physician will be enrolled in the default contribution level of 10%.

Contribution Cycle Period

Every five years during the fall, prior to the next Contribution Cycle Period, Human Resources will request the appropriate forms to be completed by all faculty. Faculty have the opportunity to select a new category, which once approved, will be effective the first of the year at the start of each new Contribution Cycle Period. New categories can only be assigned at the beginning of each new Contribution Cycle Period (for current faculty) or on date of hire (for new faculty).

Access Your Account

Access your account 24 hours per day, 7 days per week.

Fidelity Manage your account

** Please note: if you are already a Fidelity customer, you will not have to create a new username and password. Simply log into your account with the username and password you set up, and the UWMF Account will populate automatically. Or call 1-800-343-0860 to speak with a Fidelity Representative 

Getting Started with NetBenefits®

Fidelity Contact Information

Benefits Helpline - 1-800-343-0860

Customer Service Representatives can assist you with all of your plan questions: loans, hardship withdrawals, rollovers, distributions, investment elections, etc. Contact a Retirement Service Representative 7am-11pm Central Standard Time Monday through Friday. 

NetBenefits website - www.fidelity.com/atwork

Meet in person- Set up personal appointment - www.fidelity.com/atwork/reservations or by calling (800) 642-7131.

Resources