Voluntary retirement contributions

From: Human Resources

Did you know that you can change your contributions to your 403b tax deferred savings plan and your 457b deferred compensation plan at any time?

All employees, including adjunct faculty and wage employees, are eligible to participate in the 403b and 457b 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. Employees in the VRS Hybrid plan must maximize their four percent voluntary Hybrid contribution before cash match eligibility.

Determined by the Internal Revenue Service, the limit that may be deferred for 2024 is:

• Under age 50 - $23,000
• Age 50 or older - $30,500
• Individuals who have not been maximizing their plans, with at least 15 years of service, and are within a certain number of years of retirement, may also be eligible for an additional “catch up” per year. Contact your vendor directly to determine eligibility.

To enroll in a 403b plan or change your contributions at any time, complete and submit a 403b form.

To change your 457b plan deferrals and investments, you can do so online or by calling 1-877-327-5261.

If you are a wage employee and wish to sign up for a 457b account, complete the wage enrollment form and return it to Human Resources.

For more information, visit https://www.hr.vt.edu/benefits/retirement/voluntary-retirement-plans.html or contact the HR Service Center at hrservicecenter@vt.edu or 540-231-9331.