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, The Vanguard Group, 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 2010 is $16,500 with an additional age catch-up of $5,500. 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.
The University of Virginia offers an employer-paid match to employee contributions to tax-deferred savings programs. To be eligible, employees must be participating in the Virginia Retirement System, the Optional Retirement Plan or the Medical Center Retirement Plan.
For Medical Center employees hired on or after September 30, 2002 employee contributions will be matched at 50 percent up to 4 percent of salary, not to exceed a 2% employer match contribution. For Medical Center employees hired prior to September 30, 2002 who participate in the Medical Center Retirement Plan or any Medical Center employees who participate in the Virginia Retirement System regardless of their date of hire, employee contributions will be matched at 50 percent up to a maximum of $40.00 per month.
For those employees hired prior to September 30, 2002, there is a cash match reduction for fiscal year 2011 (July 1, 2010 - June 30, 2011). Participants in the 457 Plan or the 403(b) plan will receive a maximum cash match of $20 per month in fiscal year 2011. The match will return to the current level of up to $40 per month in fiscal year 2012. See VRS Legislative Summary 2010 for more information.
How to Enroll with TIAA-CREF, Fidelity or Vanguard
How to Enroll in the Commonwealth 457 Plan
Complete the 457 Plan Enrollment Form
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, Fidelity or Vanguard. Deferral amounts for the 457 plan can be changed using a 457 Payroll Change Form.
Tax Deferred Savings Program Summary Information
|Customer Service||Schedule an Appointment||Fund Performance|
|TIAA-CREF||1.800.842.2733||Meet a Representative||403(b)  401(a)|
|Fidelity||1.800.343.0860||Meet a Representative||403(b) 401(a)|
|Vanguard||1.800.523.1188||Meet a Representative||403(b) 401(a)|
TDSP Payroll Change - Tax Deferred Savings Program Authorization Form
457 Payroll Change - 457 Payroll Change Form
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