The VCU Cash Match Plan provides eligible faculty and staff with matching cash contributions from VCU when they save for retirement in:
When an eligible participant saves a minimum of $10 per pay period from his or her own paycheck, VCU contributes a cash match equal to 50% of the participant’s savings amount up to a maximum cash match of $20 per pay period. For example:
The following categories of faculty and staff are eligible:
Important: VRS Hybrid Plan participants cannot receive VCU Cash Match Plan contributions for their savings in the TDA/403b or the DCP/457 until they have exhausted all of the employer match opportunities inside the VRS Hybrid Plan.
Eligible VCU Cash Match Plan participants who save in the VCU TDA/403b receive VCU cash match contributions in a separate VCU Cash Match Plan account with the same investment provider to which the participant’s owns savings are directed. When a participant saves with more than one investment provider, VCU’s cash match goes to the investment provider with whom the participant saves a higher per-pay-period amount. If a participant saves equal per-pay-period amounts with more than one investment provider, VCU’s cash match goes to the investment provider listed first on the participant’s TDA/403b salary reduction agreement. Participants choose from the available range of VCU Cash Match Plan investments with their investment provider, or default to a target date fund based on their age.
Eligible VCU Cash Match Plan participants who save in the DCP/457 receive VCU cash match contributions in the Virginia Cash Match Plan administered by the Virginia Retirement System (VRS) and ICMA-RC, as long they are not also saving in the VCU TDA/403b. Participants choose from the available range of Virginia Cash Match Plan investments or default to a target date fund based on their age.
Eligible VCU Cash Match Plan participants who save in both the VCU TDA/403b and the DCP/457 receive one VCU cash match, which is directed to the participant’s VCU TDA/403b provider as explained above.
For more information, visit https://hr.vcu.edu/current-employees/benefits/a-z-list-of-benefits/tax-deferred-annuity-and-cash-match-programs/