Cash Match Programs
Employees may elect to participate in a tax-sheltered annuity program -
403(b) - through payroll deduction. The companies that offer 403(b)
products for payroll deduction are listed on the following web site:
http://www.fbmc-benefits.com/VaProviderNetwork/index.asp
Under the drop down box choose Pre-Tax 403(b) Annuity Plans.
The Commonwealth of Virginia Deferred Compensation Plan (457) (DCP) is
a voluntary retirement savings program for employees of state agencies,
political subdivisions and school districts. The DCP is a supplement to
your employer-provided VRS retirement pan. All employees hired after
July 1, 2008 are automatically enrolled in DCP. Click
here for the most up-to-date information. To contact your
local representative, Nancy Roth, email
Nancy.Roth@gwrs.com.
Contribution Amounts
Your minimum contribution to the Deferred Compensation Plan or Tax
Sheltered Annuity is $10 per pay day. You may contribute a maximum of
100 percent of allowable compensation up to a maximum defined by the
IRS.
Qualified state employees may participate in both the Deferred
Compensation Plan (DCP) and the Tax Sheltered Annuity (TSA).
Salaried employees receive Cash Match contributions on paydays in
which they receive a paycheck and make a contribution to a DCP or a
TSA. The Cash Match amount is 50% of the employee contribution
up to $20 per semi-monthly or $40 per monthly payday.
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