MCRP is a defined contribution plan based on tax-deferred accumulations, meaning taxes are paid later, during retirement. You will have to make thoughtful decisions about your choices of where to invest.

  • Retirement benefits depend on the investment performance with funds managed by either Fidelity or TIAA over the course of your working years
  • You may change investment plans with a vendor at any time by contacting either Fidelity or TIAA directly

Enroll

  • Select an investment vendor through the payroll self-service website, using the Benefits tab (beneath the Time Entry tab)
  • Select specific investments at the vendor websites: TIAA or Fidelity
  • If you make no specific fund choice, you will be placed into the default investment plan

Full-time and part-time Medical Center employees who were members of the VRS Plan 1 or Plan 2 prior may be eligible to select enrollment in either Virginia Retirement System (VRS) or MCRP.


Employer-Provided Retirement Contributions

  • If you were hired prior to September 30, 2002, the automatic employer contribution is 8%

    • Employees own the UVA contributions put into the retirement plan; ownership is called being vested
    • You are 100% vested after 12 months of continuous service
    • UVA cash match is 50%, up to a maximum of $40 per month, but you must set up a 403(b) or 457 retirement savings plan. (Links to these plans are at the end of this page)
  • If you were hired on or after September 30, 2002, the employer contribution is 4%

    • You are 100% vested after 24 months of continuous service
    • UVA cash match is up to 50% of your contributions, up to 4% of your pay
    • Consider putting in the full 4% contribution to get the maximum UVA cash match of 2%
    • UVA cash match contribution requires that you set up at least one 403(b) or 457 retirement savings plan

For employees receiving retirement annuity

  • An individual may not receive a retirement annuity from the Virginia Retirement System or one of the Optional Retirement Plans while UVA is making contributions to a regular retirement program
  • An individual who is receiving a retirement annuity from an account to which any Commonwealth of Virginia agency contributed should contact the HR Service Team

Resources

Questions? Contact the HR Service Team at AskHR@virginia.edu or 434.982.0123.