New! Medical Center Retirement Plan for Housestaff

What is the employer-provided MCRP retirement contribution?

Effective January 1, 2026, UVA provides all benefits-eligible Housestaff with an automatic $20 contribution per pay period toward their retirement plan, helping to grow your retirement savings. Employer contributions are made on a pre-tax basis and are not included in your taxable income.
 

Do I need to do anything to receive the $20 employer contribution?

No. The $20 employer contribution is automatically added to your retirement account each pay period once you are enrolled.
 

Does this $20 employer contribution affect my paycheck?

No. Since it is employer-provided, it does not reduce your take-home pay.

Can I opt out of receiving the $20 per pay period employer contribution?

No. This is an automatic benefit provided by UVA and cannot be declined.

How do I make my retirement plan vendor election in Workday?

First-time enrollment (effective January 1, 2026) is completed in Workday. You can access your election event in your Task List (top right corner of the Home page) or by navigating to the Benefits & Pay Hub via the Menu. If no election is made, contributions will default to Fidelity.

When does the employer start making the $20 contribution?

The first contribution will appear on the January 9, 2026, paycheck. After that, contributions will be included with each paycheck and sent to your selected vendor.

New hires in 2026 and beyond will receive contributions once new hire elections are submitted in Workday. If no election is made during this period, contributions will default to Fidelity.

What are my enrollment options for a retirement vendor?

You can choose between Fidelity and TIAA as your retirement record-keeper. Fidelity is the default vendor. Investment information can be found on either vendor’s microsite:

•    Fidelity Investments: 800.343.0860
•    TIAA: 800.842.2252

Can I change my retirement vendor later?

Yes. You can change your retirement vendor at any time. Contact UVA Human Resources for assistance.

How is my contribution invested?

Your retirement contributions (from your paycheck) are placed into investment funds managed by the vendor you chose — either Fidelity or TIAA. You can change or customize your investments at any time through your account with the vendor.

What happens to my retirement contributions if I don’t choose my own investments?

• If you don’t actively choose which funds to invest in, your money will automatically go into a Target Date Fund, which is a diversified retirement fund chosen based on your birth year (it assumes you’ll retire around age 65).
  • For example, if you were born in 1995, your default fund might be something like the “2060 Target Date Fund.”
• You can change or customize your investments at any time through your account with the vendor.
  • MCRP plan numbers: 61291 (Fidelity), 100832 (TIAA)
  • The numbers listed are the plan identification numbers you would use when setting up or logging into your retirement account under UVA’s MCRP (Medical Center Retirement Plan).

What is the vesting schedule for this employer contribution?

You are 50% vested immediately upon receiving the contribution, meaning you own half of the employer funds right away. You become 100% vested after two years of continuous participation in the plan.

What happens to my employer contributions if I leave UVA before two years?

If you leave UVA before completing two years of continuous participation, you will retain the vested 50% of the employer contributions. The remaining unvested 50% will be forfeited.