Medical Center Retirement Program (MCRP)

MCRP is available to salaried employees, - not including Housestaff. If you are Housestaff, you still receive disability and life insurance coverage.

If you are a Medical Center employee who previously participated in VRS Plan 1 or Plan 2, you may be eligible to choose between MCRP and the Virginia Retirement System (VRS). If you choose VRS, you must fill out a VRS-65 form and return it to UVA HR.

• For new hires only, navigate to Workday>Inbox and follow the instructions for your new hire enrollment action
• Select specific investments from TIAA or Fidelity (make a specific fund choice, or you will be placed into the default investment plan)

• UVA contributes 4% of your annual compensation.
• You can contribute up to 4% of your pay, and UVA will match up to 50% when you set up at least one 403(b) or 457 retirement savings plan.
• You are 50% vested right away, and 100% vested after 24 months of continuous service.

• UVA contributes 8% of your annual compensation.
• UVA will match 50%, up to a maximum of $40 / month, when you set up a 403(b) or 457 retirement savings plan.
• You own the contributions UVA puts into your plan.
• You are 100% vested after 12 months of continuous service.

You may not receive a retirement annuity while UVA is making contributions to your account. If you are receiving a retirement annuity from any Commonwealth of Virginia agency, please contact UVA HR.

Salaried employees with the Medical Center Retirement Plan (MCRP) receive core benefits (retirement, disability protection, and life insurance) at no cost. In addition, Medical Center salaried employees receive flex dollars to purchase optional benefits.

• Flex dollars are paid in addition to salary
• They are tailored to you based on age, salary, and hours worked
• If the benefits selected cost less than the flex dollars provided, the difference is added to your paycheck; if they cost more, the difference is deducted from your paycheck

This benefit option is not available to employees currently participating in a Virginia Retirement System (VRS) program.

Full-Time Employee Credit Rate
The following are credit rates for each age range:

• 18-34 years, rate of .00246
• 35-39, .00284
• 40-44, .00424
• 45-49, .00636
• 50-54, .00988
• 55-59, .01518
• 60-64, .02333
• 65-84, .02891

For part-time employees, the credit rate for all ages is .00221

Formula

• Annual Salary x Credit Rate = Annual Flex Credit
• Annual Flex Credit / 24 pay periods = Flex Credit per pay period amount