Supplemental Retirement Savings Options

Log in to Voya to change contributions.

Changes take effect the following month. After maxing out your VRS Hybrid contributions, you are also eligible to enroll in a 403(b) with an additional cash match.

• In 2025, the savings limit is $23,500.
• Cash match for eligible employees; read more below
• Vendors are Fidelity and/or TIAA.
• Options for pre-tax and Roth after-tax deferrals.
• Change your contribution amount at any time in Workday. Navigate to "Change Benefits" in the Benefits & Pay Hub. Changes take effect the next pay period.
• If you make no changes, your contribution amount will roll over from year to year automatically.
• UVA will not make retroactive changes to excess contributions or deductions.

All employees are eligible to participate. 

VRS Hybrid participants must first max out their VRS voluntary contributions.

Housestaff, post-doc Fellows, and non-benefited employees may contribute but do not receive a cash match. 

Contribute up to $23,500 annually for retirement in 2025.

• If you are 50+, you may save an additional $7,500 in 2025, up to $31,000.
• If you are 60-63, you may save an additional $11,250 in 2025, up to $34,750.
  • You can take advantage of this additional catch-up contribution if you attain age 60, but are not older than age 63, by the end of the calendar year.
  • After the calendar year in which you have reached age 63, the standard Age 50+ Catch-Up limit will apply, meaning that those participants who are age 64 and older in a calendar year can only contribute up to the Age 50+ Catch-Up contribution amount.

In Workday Menu, select: 

• Benefits & Pay Hub 
• Change Benefits 
• Retirement Savings Change - Self-Service 
• Enter date
• Click submit
• Click Open, then Let's Get Started
• Click on enroll in the desired 403(b) plan
• Confirm and continue
• Enter the dollar amount or percentage per paycheck
• You will also need to enroll in the cash match plan: 401(a). You won't enter an amount for the cash match as that will be automatically calculated on your paycheck.
• Save, then review and sign, submit

• Work with your vendor, TIAA and/or Fidelity, to make investment elections. 
• You will be placed into the default investment if you don't make a specific fund choice. 

Pre-tax

• The traditional 403(b) is pre-tax, meaning you invest before you pay taxes on gross income.
• When you withdraw the money during retirement, you will pay taxes at the current rate.

Roth

• Roth contributions are after-tax (pay taxes, then invest what remains).
• When you withdraw money at retirement, you’ve paid your tax already.
• You are not taxed later on all of Roth investment earnings beyond the up-front contributions (there may be exceptions).
• Annual limits on contributions are the same, regardless of whether the contributions are pre-tax or after-tax; for instance, you can make all of your future 403(b) contributions—with Fidelity and/or TIAA—Roth contributions (after-tax).

• If you are enrolled in the MCRP and hired on or after September 30, 2002, UVA matches 50% of your employee contributions up to a maximum of 2% of your salary.

  • Contributing 4% of your salary gets you the maximum UVA cash match of 2%

  • Employees may choose to save less than 4% of their salary, and UVA will still match half of what is saved.

• If you are enrolled in the Medical Center Retirement Plan 1 and hired prior to September 30, 2002, UVA matches 50% of your employee contributions up to a maximum match of $40 per month.

  • Your contribution of $80 per month earns the maximum UVA cash match of $40 per month.

• Medical center team members with VRS plans:  UVA matches 50% of your employee contributions up to a maximum match of $40 per month.

• Housestaff, post-doc Fellows, and non-benefited employees may contribute but do not receive a cash match. 

If you are enrolled in VRS plan 1 or 2,

• UVA matches 50% of your employee contributions up to a maximum match of $40 per month.

  • Your contribution of $80 per month earns the maximum UVA cash match of $40 per month.

If you are enrolled in VRS Hybrid,

• you may receive the UVA cash match of 50% up to a max match of $40 per month only after you contribute the full 4% optional voluntary contribution into your Hybrid Retirement Plan.

Academic Biweekly Pay Cycle Cash Match

The 403(b) contribution is deducted from 26 paychecks rather than 24 during the calendar year. An employee paid biweekly and eligible for the maximum cash match of $40 per month will receive approximately $18.46 per paycheck rather than $20. This also applies to some Medical center team members enrolled in the MCRP plan 1 (hired before 9/30/2002). 

• If you are newly hired or rehired, and you do not submit an election to waive enrollment, or to enroll in a 403(b) or 457 plan, within 60 days of hire, $40/month of salary will automatically go to a default investment plan through the Fidelity 403(b) Plan.
• Automatic enrollment triggers a monthly 50% UVA match of $20.
• You may decline to set aside $40/month in retirement by waiving the enrollment in Workday. By doing so, you give up the $20/month match.

• In 2025, the savings limit is $23,500.
• You may enroll in both a 403(b) and a 457 and contribute the maximum to each. 
• Cash match for eligible employees; same guidelines as cash match for 403(b) plan. There is only one cash match; if you are receiving the max for a 403(b), you cannot receive an additional match for a 457, and vice-versa. 
• Options for pre-tax and Roth after-tax deferrals.
• Vendor is Voya Financial, a retirement service for public sector employers and employees.
• A one-time deferral option is available, by paper submission only.
• You can change your 457 contribution amount through your Voya Financial account or by phone at 877.327.5261 (UVA will not make retroactive changes to excess contributions or deductions).
• If you make no changes, your contribution amount will roll over from year to year automatically.

All employees are eligible to participate. 

VRS Hybrid participants must first max out their VRS voluntary contributions.

Housestaff, post-doc Fellows, and non-benefited employees do not receive a cash match. 

There is only one cash match maximum if you participate in multiple plans (for example, both a 403(b) and a 457.)

• Age 49 and under = $23,500

• Age 50+ catch-up = Additional $7,500 (maximum contribution of $31,000)

• Super catch-up ages 60 to 63 = Additional $11,250 (maximum contribution of $34,750)

• Enroll online through Voya Financial and create a user ID and password.
• Make your investment decisions online at Voya Financial.
• Call Voya Financial at 877.327.5261 to enroll and to discuss investment choices on the Plan Information Line (UVA will not make retroactive changes to excess contributions or deductions).

Eligible employees may receive a cash match; guidelines are the same as the 403(b) cash match details shown above.

If you contribute to both a 403(b) and to a 457, you receive only one cash match.

TIAA: 800.842.2252

• Meet a Representative
• Plans & Investments
• Fund Performance

Fidelity: 800.343.0860

• Meet a Representative
• Plans & Investments
• Fund Performance

Voya Financial:  877.327.5261

• Meet a Representative
• Online Investment Decisions
• Voya Learn
• Calculators
• Voya Mobile app

• TIAA Roth 403(b)
• Fidelity Roth 403(b) Facts
• 457 Designation of Beneficiary
• Cash Match Plan Document
• Notice of Automatic Enrollment and Default Investment

All UVA employees who receive compensation reportable on an IRS W-2 form are eligible, as long as they contribute at least $200 per year.

Please take a moment to review the 403(b) program before enrolling. 

• You may enroll as soon as you are hired. 
• Contact Fidelity and TIAA, the two approved financial services companies, about plan investment options and services. They offer a wide range of mutual fund investment options and annuity products through their own funds and other investment managers in the industry, as well as resources and tools to help participants plan their investment strategy. 
• Once you are enrolled, you can review and change your contribution and investment allocation amounts at any time.
• The exact date your investment allocations will take effect may vary depending on the policies of the financial service firm providing the investment options you chose for plan contributions.

You may choose to defer a portion of your compensation on a pre-tax or post-tax (Roth) basis.

• Pre-tax contributions: Both federal and state income taxes are deferred on any contributions and earnings until a distribution is made from the plan. Distributions are taxed as ordinary income for federal and state income tax purposes. Generally, you must begin receiving a distribution no later than April 1 following the year you reach age 72 or retire (whichever is later). 

• Post-tax (Roth) contributions: Interest and earnings on these contributions when withdrawn are generally tax-free. If you retire or terminate employment, you can withdraw earnings tax-free as long as it has been five tax years since the first Roth 403(b) contribution and you are at least 59½ years old.

The law limits the amount you may defer.

• For 2025, the limit is $23,500 (larger limits may apply if you are age 50 or over, see top of page for details)
• Each participant only gets one limit for contributions to all 403(b) plans, so if you are also a participant in another employer’s 403(b) plan, your combined contributions to that plan and to the UVA plan are generally limited to the max IRS allowed amount.
  • If you do participate in more than one 403(b) plan, you are responsible for tracking and reporting the amount of all of your contributions to all plans so that the total amount does not exceed the limit.
  • The sum of all of your and your employers’ contributions to your 403(b) plan(s) are generally limited to $70,000 in 2025 or 100% of your compensation (whichever is less).