403b contributions for retirement

From: Human Resources

Did you know that you can change your contributions to your 403b tax deferred savings plan at any time?

Did you know that all employees, including adjunct faculty and wage employees, are eligible to participate in the 403b plan? If you are full-time faculty or staff, you are also eligible for the employer cash match. Your “cash match” contribution will be matched at 50 percent up to $20 per pay period. To get the cash match of $20, you would need to contribute $40 per pay period.

The limit that may be deferred for 2024, as determined by the Internal Revenue Service, is:

• Under age 50 - $23,000
• Age 50 or older - $30,500
• Individuals with at least 15 years of service may also be eligible for an additional $3,000 “catch up” per year, not to exceed $15,000 in a lifetime. Contact your vendor directly to determine eligibility.

To enroll in a 403b or change your contributions at any time, complete a 403b form!

For more information, visit the voluntary retirement plans page or contact the HR Service Center at hrservicecenter@vt.edu or 540-231-9331.