Special Announcements

Tax-deferred Annuity and Roth 403b Program

VCU offers all employees the opportunity to participate in a Tax-Deferred Annuity (TDA) 403(b) retirement savings program. The program accepts both pre-tax and after-tax (Roth) paycheck savings contributions, as well as incoming rollovers from most other retirement plans. Eligible Faculty, University and Academic Professionals, Postdoctoral Scholars, and Classified employees who contribute at least $10 each pay period to their TDA plan may participate in the Cash Match Plan.

Details

Newly hired faculty, University and Academic Professionals, and postdoctoral scholars are automatically enrolled in the Tax-deferred annuity (TDA) 403(b) program, unless they opt out of participating within 60 calendar days of their hire date. View the TDA Auto Enroll Opt-out Form (PDF)

As allowed by Section 403(b) of the federal tax code, you are eligible for a tax break to put aside money today to build income for your retirement. You can reduce your taxable income; however, you do not reduce your life insurance, Social Security or retirement benefits.

TDA contributions may be made with pre-tax income or with after-tax income. Earnings on your pre-tax contributions accumulate on a tax-deferred basis and income taxes are payable when you make withdrawals from your account upon retirement. Earnings on after-tax (Roth) contributions are not taxable if withdrawn at least five years after the first after-tax contribution is made and all other withdrawal eligibility requirements are met. The funds in your TDA  may be accessed if you terminate employment, become totally and permanently disabled, reach age 59 years six months, have an IRS-defined hardship or die.

Note: If you receive a lump-sum distribution (including a hardship withdrawal) before age 59 years and six months, you may also pay an additional 10 percent federal tax.

For more information about the plan, view the TDA Plan Document (PDF).

To enroll in the 403(b) program for TDA and/or Roth contributions, you will need to provide VCU Human Resources with the following completed documents:

  • Salary Reduction Agreement
  • Vendor enrollment form for each vendor with whom you choose to invest. You can obtain vendor enrollment forms from the TDA vendor; or, if you enroll online, you can provide the online confirmation page(s) from the TDA vendor(s).

To enroll online with your chosen vendor, visit the appropriate link below:

  • Fidelity - the plan code for TDA and Roth 403(b) is 50548; the plan code for Cash Match is 57837.
  • TIAA - the access code for TDA and Roth 403(b) is 100941; the access code for Cash Match is 100942.

Note: If you enroll with more than one TDA vendor, your Cash Match contribution will be distributed to the vendor with the highest allocation. If the allocations are equal, the vendor listed first on the Salary Reduction Agreement (SRA) will receive the Cash Match contribution.

Contact Us

For questions about your benefits, please submit a help ticket through the HR Service & Support Tool. You can also contact benefits@vcu.edu or call (804) 827-1723.

Your HR Professional may also be able to answer some benefits related questions.