Cash Match Plan
The Cash Match Plan is open only to salaried employees enrolled in the TIAA-CREF 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.
| 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 |
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.
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