Supplemental Retirement Planning

Due to changes in federal and state law enacted to encourage retirement savings, as of January 1, 2008, new or rehired benefits-eligible faculty and staff will be automatically enrolled in a 403(b) tax-deferred annuity plan (TDA) after 90 days of employment unless the employee either enrolls in a TDA of their choice or completes an opt-out form within 90 days of hire OR is a participant in the VRS Hybrid Plan.

The university neither endorses nor offers recommendations regarding the selection of a tax-deferred annuity plan; the choice is that of the participant. Contact the individual plan providers for more information.

Once you have decided on a plan provider, you will also need to select fund options, choosing a level of return and risk based on your expectations and financial requirements. Personal objectives, time horizon, tolerance for risk and need for income and liquidity should form the basis of personal investment strategies. If any of these factors change, you may wish to review your allocation of asset classes and investment funds to ensure that it remains appropriate.

Individual counseling sessions for TIAA and Fidelity Investment 403(b)s are available.

You can contribute up to the maximum in both a 403(b) plan and the 457 DCP at the same time! General limits for the 403(b) and 457 plans are the same, but other catch-up provisions differ. The maximum contribution limit for persons under age 50 is $23,000 for 2024. If you are or will turn age 50 by the end of the calendar year, you can contribute $30,500 for 2024 under the Age 50+ Catch-Up provision.

• For 403(b) plans, you can increase, decrease, or stop contributions by submitting a GMU 403(b) Salary Reduction Agreement.
• For the 457 plan, please call MissionSquare at 1-877-327-5261.
• To reallocate your investment funds, contact the plan provider directly.

View the Complete Plan Document and the 1st Amendment.