VRS Hybrid Plan Participants: March 16th is the Deadline for Quarterly Defined Contribution Election Changes
Faculty members and classified staff in the Virginia Retirement System Hybrid Retirement Plan may make changes to their voluntary defined contribution amount once per calendar quarter. Higher voluntary contributions result in increased matching by VCU! Participants can make changes online at www.varetirement.org/hybrid.html or by telephone at 1-855-291-2285. For online access instructions, see “Quick and Easy […]
Retirement Savings Limits Increase for 2015
The IRS has increased the retirement savings limits for calendar year 2015. For the VCU 403(b) Tax Deferred Annuity retirement savings plan (“TDA”) with TIAA-CREF and/or Fidelity Investments, participating employees may save up to $18,000.00 in calendar year 2015 (increased from $17,500 in 2014). Participants eligible for the age 50+ catch-up may save up to […]
VRS Hybrid Plan Participants: Deadline for Contribution Change Elections is December 15th
Faculty members and classified staff in the Virginia Retirement System Hybrid Retirement Plan may make changes to their voluntary defined contribution amount once per calendar quarter. Higher voluntary contributions result in increased matching by VCU! Participants can make changes online at www.varetirement.org/hybrid.html or by telephone at 1-855-291-2285. For online access instructions, see “Quick and Easy Access to Your […]
Benefits Impact of Same-Sex Marriage Recognition in the Commonwealth
The Commonwealth of Virginia’s benefits programs for state employees were written with the stipulation that in order for spouses to be eligible the marriages must be recognized as legal in the Commonwealth. The Commonwealth of Virginia began recognizing same-sex marriages on October 6, 2014. From that date forward, the eligibility for spouse benefits in the […]
Lots of Financial Fitness Learning Opportunities This Fall!
VCU Benefits has lined up a series of financial education sessions for faculty and staff this semester. Take advantage of these free learning opportunities by registering now! September 19th, 12:00 – 2:00 P.M.: Woman to Woman Financial Empowerment Series: “Start to Finish: The Early Career Woman’s Guide to Financial Wisdom” Register at: http://www1.tiaa-cref.org/public/land/women_rsvp/index.html […]
Choosing Your Faculty Retirement Plan
Faculty members at VCU and all other Commonwealth of Virginia public institutions of higher education are required to participate in an employer-sponsored retirement program as a condition of employment. New state faculty members at VCU have 60 days from their hire dates to elect participation in either the Virginia Retirement System (which we will refer to for the rest of […]
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 […]
What happens to my state health coverage when I retire?
Faculty and staff who retire with a Virginia Retirement System (VRS) defined benefit, and faculty covered by the VCU Optional Retirement Plan (ORP) who meet the age and service requirements for a VRS defined benefit under the VRS plan for which they were eligible at the time they elected the ORP, are eligible for the state retiree health benefits program as long […]