Cash Match Plan
The Cash Match Plan is open only to salaried employees enrolled in the TIAA or Fidelity 403(b) plans or the 457 DCP. An employee contribution of $40 or more per pay period will generate a $20 cash contribution from the State (see chart for exact dollar amount based on number of pays). Employees contributing less than $40 per paycheck will receive an employer cash match of 50% of their contribution.
If your are enrolled in the VRS Hybrid plan, please remember that you’re eligible for the Cash Match only after you contribute the additional voluntary 4% to the Defined Contribution side of the Hybrid plan.
|Number of Pays per Year||Cash Match Maximum per Pay Period|
|24 Pays (semi-monthly)||$20.00|
|18 Pays (9-month paid over 9 months)||$26.66|
|26 Pays (bi-weekly)||$18.46|
Employees must be making a contribution to one of the following pre-tax savings plans:
- Tax Sheltered Annuities (TSA):
- Fidelity Investments
- Virginia's 457 Deferred Compensation Plan (DCP)
Note: An employee currently making contributions with a vendor not listed above can still get the match by splitting their contribution between their current vendor and a participating vendor.
- When employees make a pre-tax contribution of $40 or more, the Commonwealth provides a $20 dollar match. This provides the greatest benefit.
- When employees make a pre-tax contribution less than $40 per pay period, the Commonwealth provides a 50% match. (A contribution of $20 per pay period receives a $10 match.)
More InformationInvestment Options: .pdf )
Amendment 1 .pdf .doc
Amendment 2 .pdf .doc
Amendment 3 .pdf .doc