Medical Center Retirement Program

Medical Center Retirement Program (MCRP)

COVID-19 Communications:

Effective March 16, 2020, all in-person retirement planning sessions with TIAA, Fidelity, ICMA and VRS that were scheduled for UVA offices have been canceled or rescheduled to a virtual meeting.  You will be contacted by the appropriate vendor retirement consultant with more information.  Future appointments are still available through the signup links below and will be held virtually until further notice.

Please visit the PTO Cash Out and Retirement webpage for additional HR information related to the coronavirus and retirement.

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

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.

Listen to the Retirement Podcast about VRS, ORP, and 403b Transcript of Retirement Podcast

Get the Most from MCRP Membership

  1. 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.

  2. Contact TIAA, log in to your account, and more

    Account login
    Consultations/Seminars 
    800.842.2252 

  1. Contact Fidelity, log in to your account, and more

    Account login  
    Consultations/Seminars
    800.343.0860 

  2. Consult the Medical Center Retirement Program Summary

    Medical Center Retirement Program 

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.

  • What are MCRP Flex Credits?

    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

Learn More about Your Retirement Options

  • Play Video

    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.

    Learn More