Cash Match Plan
The Cash Match Plan provides a matching contribution to salaried employees who participate in a supplemental retirement plan. The Cash Match Plan is one way to ensure that employees receive additional compensation from the state and save for retirement at the same time.
Eligibility
Employees must be making a contribution to one of the following pre-tax savings plans:
- Tax Sheltered Annuities (TSA):
- Fidelity Investments
- TIAA-CREF
- 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.
As of 1/1/09, the Virginia Retirement System (VRS) is changing vendors for its 457(b) program from Great-West to ING. Please see the VRS transition website for details.
Benefits
- 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 Information
Investment Options: Complete Plan Document ( format: .pdf )Amendment 1 .pdf .doc
Amendment 2 .pdf .doc
Amendment 3 .pdf .doc