Skip Menu

Return to Skip Menu

Main Content

Deferred Compensation Plan (457b)

Saving for retirement is easy through the Commonwealth of Virginia 457 Deferred Compensation Plan:

  • You contribute to your account through payroll deduction.
  • You defer paying taxes on your contributions until you retire and begin receiving money from your account.
  • You can change the amount you want to save, subject to tax code and plan limits.
  • You may be eligible for a cash match if your employer participates in a cash match plan such as the Virginia Cash Match Plan.

The 457 Plan is a supplement to your VRS retirement benefit. The record-keeper for the plan is Great-West Retirement Services.

Deferred Compensation Auto-Enroll for State Employees

If you became a salaried state employee effective January 1, 2008, you will automatically be enrolled in the Commonwealth of Virginia 457 Deferred Compensation Plan.

The 457 Plan automatically defers $20 per pay period from your paycheck along with a $10 employer cash match. Your deferral begins approximately 90 days after your employment date.

For more information about the 457 Plan, including how to opt out if you do not wish to participate, see the 457 Plan page Auto-Enroll for State Employees.

Managing Your Account

You can change your 457 Plan deferrals and investments online through the plan’s Web site at www.vadcp.com or by calling KeyTalk toll free at 1-866-226-6682.