Maximize your retirement benefits

Retirement Guidance for New Employees

Essentials

Following is a brief checklist of essential information. You can find additional details and resources further down the page.

  1. ENROLL IN A RETIREMENT PLAN

    Enrollment in a core retirement plan is mandatory for benefited employees. Some employees may have one core retirement option, while some employees may have a choice between two core retirement plans. You will see your retirement plan option(s) in your new hire benefits task in Workday. 

    If you have a choice between two plans, review resources to make an informed decision. Your choice is irrevocable; you cannot change your retirement plan once you have enrolled. 

    Explore retirement plan details

  2. BOOST YOUR FINANCIAL EDUCATION

    Take time to meet with account advisors and explore the resources available to you.

     

  1. SAVE MORE FOR RETIREMENT

    Take advantage of optional, voluntary contributions to grow your savings:

    • 403(b)
    • 457
    • VRS Hybrid plan (academic employees enrolled in the VRS Hybrid may increase voluntary elections),

    Learn details about these savings plans. 

  2. NEED HELP?

    For assistance in choosing a retirement plan, contact the HR Solution Center with your questions and a benefits representative will assist. 

Learn more

Click on a topic below for details in guiding you to maximize your retirement benefit as you begin your career.

  • Enrolling in a Retirement Plan

    Enrolling in a retirement plan is mandatory for benefited employees. Visit our retirement page for more information. 

    Benefited New Hire Retirement Plans* 

    • UVA Health employees: Medical Center Retirement Plan (MCRP)
    • Academic employees:
      • Operational & Administrative Staff: VRS Hybrid
      • Managerial & Professional Staff (exempt): VRS Hybrid or Optional Retirement Plan (ORP)
      • Faculty: VRS Hybrid or ORP

    *Some employees with prior state service or transferring from another state agency may have different options based on eligibility.

    Find Answers to Your Questions

    Invest your retirement funds wisely. Carefully consider “life cycle” or “target date” funds so your investments automatically rebalance as you age. You may request assistance from the representatives of your chosen provider via the numbers listed below.

    1. Fidelity: 1-800-343-0860
    2. TIAA: 1-800-842-2252
    3. VOYA: 1-877-327-5261

    Watch Making the Most of Your Meeting with a Financial Advisor on YouTube (transcript of the video is here).

  • Enrolling in a Retirement Plan in Workday

    The following resources may help you in making your benefit elections in Workday:

    To Enroll in the Commonwealth of Virginia 457

    • We recommend waiting until your first paycheck to ensure your information is active in the state's system.
    • Enroll online through Voya and create a user ID and password (PIN is required for new enrollments)
    • Make your investment decisions in your Voya account.
    • Call Voya at 877.327.5261 with questions.

  • Maximize your optional voluntary contributions to a 403(b) and/or 457

    As a University employee you are eligible to enroll in one or both of the additional retirement savings plans known under IRS regulations as 403 (b) and 457 programs.

    Employees enrolled in a VRS Hybrid plan can only enroll in 403 (b) and 457 programs after maxing out their VRS Hybrid plan by contributing the maximum voluntary 4% to the defined contribution portion of their VRS Hybrid plan.

    In 403 (b) and 457 programs you can set aside funds after tax under a Roth provision or defer a significant amount (the maximum changes yearly) on a tax deferred basis.

    The graph below shows how much more you accumulate by investing 8% or 10% of your income versus 6% at different salary levels.

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    In the graph below, you can see the power of compounding. The earlier you begin contributing to your retirement, the more time that money has to grow. 

    compounding graph

     

     

     

     

     

     

     

  • How to Use a FSA or HSA

    Flexible Spending Accounts:

    To help UVA employees maximize their money for medical, pharmacy, dental, vision, and dependent-care expenses, the University has two options: Flexible Spending Accounts (FSAs) and Dependent Daycare Reimbursement Accounts.

    • The Health Care FSA can be used to pay medical, pharmacy, dental and vision expenses 
    • The Dependent Care Account FSA can be used to pay dependent care expenses 

    FSAs make it possible for you to pay for certain expenses on a pre-tax basis. 

    All Health Plan participants may have some form of an FSA, but Basic Health participants may only have a Limited FSA for eligible dental and vision expenses. 

    See more on the FSA webpage.

    Health Savings Accounts: 

    Health Savings Accounts (HSAs) are available to those who are enrolled in Basic Health. They can be used for eligible health care, dental, and vision expenses. Balances roll over each year and accrue interest; you get to keep the balance even if you leave UVA.

    Both employees and employers can make pre-tax contributions up to the IRS annual limit. For those age 55 and older, there is an additional catch-up amount allowed.

    They can be used with a dental/vision-only Limited Flexible Spending Account (LMT).

    Once your HSA has a balance of $1,000, you may invest it in mutual funds; any growth from the investment is tax-free, so long as it is used on eligible medical expenses.

    View details on the HSA webpage. 

  • How to Consolidate Retirement Accounts

    Generally, you can leave your retirement assets in the plan at your previous provider, move them to your current retirement plan, roll to an IRA, or take a cash distribution. 

    See a helpful comparison chart to consider what option might be right for you.  

    Learn more about how to consolidate retirement accounts. 

  • Become Familiar with Commonly Used Financial Terminology

    Learn important financial terms.