Retirement

Open Enrollment is now closed. 

If you have questions about your benefits or would like to make changes to your benefits outside of the Open Enrollment period and due to a qualified life event, please contact the HR Solution Center at AskHR@virginia.edu.

All retirement planning sessions with TIAA, Fidelity, Mission Square (formerly ICMA) and VRS are available through the signup links below. You can choose to meet virtually or in-person. 

• TIAA appointments
• Fidelity appointments
• Mission Square (formerly ICMA-RC) appointments

To learn how to make the most of your appointment, watch this video developed by TIAA. 

UVA's retirement plans help ensure you have enough income to live comfortably after you retire. Depending on your employment status, you have the option to enroll in the Virginia Retirement System (VRS), Optional Retirement Plan (ORP), or Medical Center Retirement Program (MCRP). Through these programs, you also get benefits like life insurance, disability coverage, long-term care benefits, and survivor benefits.

What's Changing

Contribution Limits for Supplemental Savings Plans 403(b) and 457

Supplemental savings plans 403(b) and 457 allow you to invest additional money pre- or post-tax. They are also available to most employees who may not have a retirement plan through VRS, ORP, or MCRP. Learn more and read detailed instructions on enrolling in a 403(b) plan on the 403(b)/457 webpage. 

• Under age 50 contribution limit is $23,000 (2025 rates not announced yet)
• Age 50+ catch-up limit is $7,500 for a total of $30,500
• New in 2025 as part of SECURE 2.0 legislation, there is an increased contribution limit for participants ages 60 through 63 which is the greater of $10,000 or 150% of the regular age 50+ catch-up

The Commonwealth of Virginia is moving from MissionSquare to Voya to manage its plans

VRS is preparing to change record keepers for its defined contribution plans in January 2025. The VRS Board of Trustees named Voya Financial to succeed MissionSquare Retirement, who has served in this role since 2014. Participant account details, investments, contribution elections, and beneficiaries will automatically transition to Voya in early January 2025.

Watch for participant communications from VRS and Voya starting this fall to alert you to an investment blackout period that will occur while accounts move from MissionSquare to Voya. You will also receive instructions on when and how to register your online account with Voya in early 2025.  More information can be found here.

Other Takeaways

Anytime Changes: While your initial retirement plan is established when you first begin your career at UVA, additional investment and retirement benefit options can be modified throughout the year, not just during Open Enrollment. The 403(b) and 457 allow you to invest additional money pre-tax or Roth after-tax. Open Enrollment is a great time to check in with your current retirement provider to review current holdings and retirement readiness, and to grow your knowledge about retirement options.

Cash Match: If you participate in the ORP, MCRP, or VRS plan, you are eligible for a cash match from UVA when you enroll in a 403(b) or 457 savings plan.

• VRS and ORP participants: Get a cash match from UVA of up to 50%, to a monthly maximum of $40 (ex.: save $80 / month to receive a maximum $40 match).
• MCRP participants: Get a cash match of up to 50%, to a monthly maximum of 2% of pay (ex.: contribute 4% of your salary to receive a maximum UVA cash match of 2%).
• Visit the VRS, ORP, or MCRP retirement pages to learn how you may be eligible to receive a cash match from UVA.