Supplemental Retirement Plan Options
Supplemental retirement plans allow all faculty (including adjunct faculty), staff, and non-student wage employees to set aside money each pay period for long-term savings. The money deducted is invested in your choice of a number of stock and bond options. This contribution is deducted from your pay before state and federal income taxes are taken, lowering your current income and resulting in lower taxes as you save. The interest or investment growth also accumulates free from income tax until the year you withdraw your funds.
The university offers two types of tax-deferred annuity plans:
- 403(b) Tax-Sheltered Annuity (TSA) Plans
- Virginia's 457 Deferred Compensation Plan (DCP)
The university also offers an after-tax 403(b) plan and an after-tax 457 plan:
- Roth 403(b)
- 457 Deferred Compensation Plan