Medical Center Retirement Program

Medical Center Retirement Program (MCRP)

All retirement planning sessions with TIAA, Fidelity, Voya Financial, and VRS are available through the signup links below. You can choose to meet virtually or in-person. 

To learn how to make the most of your appointment, watch this video developed by TIAA (transcript of the video is here). 

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 benefited employees with the exception of Housestaff.  Housestaff receive disability and life insurance coverage, but not a retirement plan.

    If you are a Medical Center employee who previously participated in a VRS Plan 1 or Plan 2 prior to 2014 that has not been refunded, 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; you will receive this document electronically through Workday as a DocuSign after submitting your election.

  • 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 are 50% vested right away, and 100% vested after 24 months of continuous service.
    Save more with a supplemental plan
    • If you wish to contribute your own funds towards retirement with the opportunity for a cash match from UVA, you can open a supplemental 403(b) or 457 in addition to your MCRP.
    • If you open a 403(b) or 457, UVA will match 50% up to a maximum of 2% of your salary, so contributing 4% of your salary gets the maximum UVA cash match of 2%. You are eligible for one cash match only.

  • If hired before 9/30/02
    • UVA contributes 8% of your annual compensation.
    • You are 100% vested after 12 months of continuous service.
    Save more with a supplemental plan
    • If you wish to contribute your own funds towards retirement with the opportunity for a cash match from UVA, you can open a supplemental 403(b) or 457 in addition to your MCRP.
    • UVA will match 50% up to a maximum of $40 per month when you set up a 403(b) or 457 retirement savings plan. You are eligible for one cash match only.

  • 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?

    Please note that the Flex Credit benefit will no longer be provided effective January 1, 2023. View details in these FAQs. 

     

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