Medical Center Retirement Program (MCRP)
UVA partners with TIAA and Fidelity Investments to offer a robust retirement plan so you can save for your future. When you enroll in MCRP, you also have short- and long-term disability, and life insurance with UNUM.
Get the Most from MCRP Membership
Choose either TIAA or Fidelity Investments. Learn from resources and vendor representatives about your plan. Set up a consultation or attend a seminar here at UVA.
Consult the Medical Center Retirement Program Summary
Enroll in MCRP
Learn who is eligible and how you enroll.
Who is eligible?
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.
How do I enroll?
- 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)
How does MCRP work?
MCRP is a defined contribution plan based on tax-deferred accumulations (taxes are paid later, during retirement). UVA contributes a percentage of your annual compensation. In addition, UVA will match a percentage of your voluntary contributions to a supplemental savings plan. You will have to set up a 403(b) or 457 plan to receive the match.
If hired on or after 9/30/02
- 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.
If hired before 9/30/02
- 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.
Can I receive retirement annuities?
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.
Learn More about Your Retirement Options
VRS Life Insurance
If you participate in VRS, you can enroll in the VRS Basic Life Insurance Program at no additional cost. Get even more coverage by purchasing Optional Group Life Insurance.
403(b) and 457 Supplemental Savings Plans
If you are eligible for one of the retirement plans above, you may also have a supplemental savings plan. Housestaff and temp and wage employees may also enroll in a supplemental savings plan.