Voluntary Retirement Plans
403(b) deferred savings plans and 457(b) deferred compensation plans
Employees are offered several choices of investment options to supplement their retirement plans. Employees may participate in either a 403(b) deferred savings plan, the 457(b) deferred compensation plan, or both. The state also provides cash match benefits to assist eligible employees in preparing for retirement.
All employees who are not on the Virginia Retirement System (VRS) Hybrid Retirement Plan and hired after Jan. 1, 2008, are automatically enrolled in the 457(b) plan with a $20 pre tax payroll deduction. The university contributes $10 toward their 457(b) plan with the $20 automatic enrollment. To opt out of the automatic enrollment, employees should contact MissionSquare directly at 1-877-327-5261, or enroll in a 403(b) or 457(b) plan.
Before deferrals begin: If employees choose to opt out of the plan within 90 days from the date they received the automatic enrollment notice, no deferral will be made from their salary. The employee's password will remain active and they can re-enroll in the plan at any time.
After deferrals begin: If an employee decides to opt out of the plan after their first contribution was deposited to their account, they have 90 days to opt out and request a refund from MissionSquare. A check will be mailed to the employee and the refund will reflect any gains or losses. The refund is taxable, and employees will receive an IRS form 1099-R for income tax reporting purposes. The Cash Match Plan balance is forfeited.
Normal distribution rules apply if no refund request is received within the 90-day period.
To opt out of the plan, contact MissionSquare.