Retirement
Open Enrollment is now closed. If you have questions about your benefits or would like to make changes to your benefits due to a qualified life event, please contact the HR Solution Center at AskHR@virginia.edu.
All retirement planning sessions with TIAA, Fidelity, Mission Square (formerly ICMA) 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.
UVA's retirement plans help ensure you have enough income to live comfortably after you retire. Depending on your employment status, you have the option to enroll in the Virginia Retirement System (VRS), Optional Retirement Plan (ORP), or Medical Center Retirement Program (MCRP). Through these programs, you also get benefits like life insurance, disability coverage, long-term care benefits, and survivor benefits.
Takeaways
Anytime Changes: While your initial retirement plan is established when you first begin your career at UVA, additional investment and retirement benefit options can be modified throughout the year, not just during Open Enrollment. The 403(b) and 457 allow you to invest additional money pre-tax or Roth after-tax. Open Enrollment is a great time to check in with your current retirement provider to review current holdings and retirement readiness, and to grow your knowledge about retirement options.
Contribution Limits: You can Defer up to $22,500 annually for retirement in a 403(b) and/or the Commonwealth of Virginia’s 457 in 2023, and the 2024 limits will be announced later in the Fall; check back on the 403(b)/457 webpage for that update. If you are 50+ years of age, you may save an additional $7,500. That amount will also be updated for 2024 later in the Fall.
Cash Match: Get a cash match from UVA of up to 50% if you are in VRS, ORP, or MCRP, to a monthly maximum of $40 (ex.: save $80 / month to receive a maximum $40 match). Visit the VRS, ORP, or MCRP retirement pages to learn how you may be eligible to receive a cash match from UVA.
The pages listed below for VRS, ORP, MCRP, and 403(b)/457 plans will take you outside of the Open Enrollment suite of webpages. To navigate back to the Open Enrollment site, use your back arrow, or enter hr.virginia.edu/oe2024 in your browser.
Saving for Retirement
Supplemental savings plans 403(b) and 457 allow you to invest additional money pre- or post-tax. They are also available to most employees who may not have a retirement plan through VRS, ORP, or MCRP.
If you participate in the ORP, MCRP, or VRS plan, you are eligible for a cash match from UVA when you enroll in a 403(b) or 457 savings plan. Learn more, and read detailed instructions on enrolling in a 403(b) plan on the 403(b)/457 webpage.