The VCU Cash Match Plan: What Is it? Am I Eligible?
The VCU Cash Match Plan provides eligible faculty and staff with matching cash contributions from VCU when they save for retirement in:
- the VCU 403(b) Tax Deferred Annuity Plan (“TDA/403b”), and/or
- the Commonwealth of Virginia Deferred Compensation Plan (“DCP/457”)
When an eligible participant saves a minimum of $10 per pay period from his or her own paycheck, VCU contributes a cash match equal to 50% of the participant’s savings amount up to a maximum cash match of $20 per pay period. For example:
- If a participant saves $10 per pay period into one of the above plans, VCU contributes a $5 cash match
- If a participant saves $20 per pay period into one of the above plans, VCU contributes a $10 cash match
- If a participant saves $40 or more per pay period into one of the above plans, VCU contributes a $20 cash match. $20 is the maximum VCU cash match per pay period.
The following categories of faculty and staff are eligible:
- University and Academic Professionals and classified staff whose primary retirement plan is VRS Plan 1, VRS Plan 2 or VaLORS
- 9/10/12-month faculty whose primary retirement plan is VRS Plan 1 or VRS Plan 2
- 9/10/12-month faculty whose primary retirement plan is the VCU Optional Retirement Plan (“ORP”)
- University and Academic Professionals and classified staff whose primary retirement plan the VRS Hybrid Plan and who are already making the maximum voluntary defined contribution to that plan and receiving the maximum employer match in that plan
- 9/10/12-month faculty whose primary retirement plan is the VRS Hybrid Plan and who are already making the maximum voluntary defined contribution to that plan and receiving the maximum employer match in that plan
Important: VRS Hybrid Plan participants cannot receive VCU Cash Match Plan contributions for their savings in the TDA/403b or the DCP/457 until they have exhausted all of the employer match opportunities inside the VRS Hybrid Plan.
Eligible VCU Cash Match Plan participants who save in the VCU TDA/403b receive VCU cash match contributions in a separate VCU Cash Match Plan account with the same investment provider to which the participant’s owns savings are directed. When a participant saves with more than one investment provider, VCU’s cash match goes to the investment provider with whom the participant saves a higher per-pay-period amount. If a participant saves equal per-pay-period amounts with more than one investment provider, VCU’s cash match goes to the investment provider listed first on the participant’s TDA/403b salary reduction agreement. Participants choose from the available range of VCU Cash Match Plan investments with their investment provider, or default to a target date fund based on their age.
Eligible VCU Cash Match Plan participants who save in the DCP/457 receive VCU cash match contributions in the Virginia Cash Match Plan administered by the Virginia Retirement System (VRS) and ICMA-RC, as long they are not also saving in the VCU TDA/403b. Participants choose from the available range of Virginia Cash Match Plan investments or default to a target date fund based on their age.
Eligible VCU Cash Match Plan participants who save in both the VCU TDA/403b and the DCP/457 receive one VCU cash match, which is directed to the participant’s VCU TDA/403b provider as explained above.
For more information, visit https://hr.vcu.edu/current-employees/benefits/a-z-list-of-benefits/tax-deferred-annuity-and-cash-match-programs/
Categories Retirement