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. 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 reirement 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
Enroll in 403(b) Plan
How to Enroll in the Commonwealth 457 Plan
- Complete the 457 Plan Enrollment Form and send to UHR. Do not send directly to ING.
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 Program Authorization Form for TIAA-CREF or Fidelity. Deferral amounts for the 457 plan can be changed using a 457 Payroll Change Form.
Tax Deferred Savings Program Summary Information
| Vendor Website |
Customer Service | Schedule an Appointment | Fund Performance |
|---|---|---|---|
| TIAA-CREF | 1.800.842.2733 | Meet a Representative | 403(b) |
| Fidelity | 1.800.343.0860 | Meet a Representative | 403(b) |
| ING | 1.877.327.5261 | Call ING | 457(b) |
TDSP Payroll Change - Tax Deferred Savings Program Authorization Form
457 Payroll Change - 457 Payroll Change Form
457 Deferred Compensation Plan - Forms
457 Deferred Compensation Plan Calendar - Regional Meetings and Webinars
TDSP Universal Availability Notice