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Tax Deferred Savings Program

The University of Virginia offers optional savings programs that allow employees to tax-defer income and invest for the future. The 403(b) plans are available through TIAA-CREF and Fidelity Investments and the Commonwealth Deferred Compensation 457(b) plan is offered through ING. Both plans are open to all employees who can contribute the monthly minimum of $20. Employee contributions will be matched at 50 percent up to a maximum of $40.00 per month. The maximum amount that can be contributed on a tax-deferred basis in 2011 is $16,500 with an additional age catch-up of $5,500. The IRS contribution limits have changed for 2012. The maximum contribution is $17,000. If you are 50 years or older you may defer 22,500 in 2012. Employees who have been employed with the University for at least 15 consecutive years may be eligible for an additional catch-up of up to $3,000. Employees may participate in both the 403(b) and Commonwealth 457(b) and can contribute the maximum to both.

Note: Due to the Fall 2011 retirement program enhancement and investment line up changes, Vanguard funds will be available within the Fidelity platform beginning the week of October 23, 2011.

How to Enroll with TIAA-CREF, Fidelity

Complete a Tax Deferred Savings Plan Authorization Form using Benefits@UVa When enrolling on-line, you can chose funds directly with Fidelity or TIAA-CREF by clicking on their link.
Enroll in your Cash Match Plan using Benefits@UVa When enrolling on-line, you can chose funds directly with Fidelity or TIAA-CREF by clicking on their link.

How to Enroll in the Commonwealth 457 Plan

Complete the 457 Plan Enrollment Form and send to UHR. Do not send directly to ING.
Enroll in your Cash Match Plan using Benefits@UVa When enrolling on-line, you can chose funds directly with Fidelity or TIAA-CREF by clicking on their link.

How to Change Account Once Opened

Once an account has been opened, all fund changes must be made through the vendor. Deferral amounts are changed through UVa by completing a Tax Deferred Savings Plan update on Benefits@UVa for TIAA-CREF or Fidelity. Deferral amounts for the 457 plan can be changed using a 457 Payroll Change Form.

Automatic Enrollment

Beginning January 1, 2008, all eligible newly hired or re-hired salaried state employees will have $40 per month automatically deferred to the 403(b) Plan with Fidelity Investments unless you actively enroll in a 403(b) or 457 plan within 60 days of your date of hire or opt out of participation. Employees who are enrolled automatically will receive a $20 per month match to the Cash Match Plan with Fidelity Investments.