Benefits

Tax-Deferred Annuity (TDA)
 &
 Cash Match Programs

 ** NEW ** Effective January 1, 2008:  TDA auto-enrollment for newly hired faculty and classified staff!   More 

TDA Overview

VCU offers faculty and staff the opportunity to participate in the Tax-Deferred Annuity (TDA) program.  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 retirement.  You can reduce your taxable income; however, you do not reduce your life insurance, Social Security or retirement benefits.  

Not only are your contributions made with pre-tax income, but earnings on your investments also accumulate on a tax-deferred basis.  Income taxes are payable when you make withdrawals from your account upon retirement.  The funds in your account also may be accessed if you terminate employment, become totally and permanently disabled, reach age 59 1/2, have an IRS-defined hardship, or die.  If you receive a lump-sum distribution, including a hardship withdrawal, before age 59 1/2, you may also pay an additional 10% federal tax.  Select from the participating TDA providers and decide which investment products to use. 

Recent tax law changes impact VCU's TDA Program.  Current 403(b) limits are shown below.

 

	Annual Limit	Age 50 Catch-Up Provision
Year 2009	$16,500	$5,500
Year 2010	$16,500	$5,500

Cash Match Overview

See also VCU Cash Match Plan   More 

Eligible faculty and staff who contribute at least $10 each pay period to their TDA plans will receive matching contributions to their Cash Match accounts from VCU.  The Cash Match Plan, which was enacted by the 1999 Virginia General Assembly, allows the University to provide a matching contribution of 50%, up to a maximum of $20 each pay period, of the amount faculty and staff contribute through the TDA Program.  Note:  Adjunct faculty and hourly employees are not eligible to participate in the Cash Match program.

If you contribute to the Virginia Deferred Compensation Plan (DCP) instead of VCU's TDA Program, you may participate in the Cash Match Plan, provided you meet the eligibility criteria indicated above.  If you contribute to both the TDA and DCP plans, only your TDA account can receive VCU's Cash Match amount based on your TDA contributions. 

Cash Match funds are initially invested into the same funds as your TDA allocations.  If you would like to make different allocations with these funds, contact your TDA vendor to make the change. 

Enrollment

To enroll in the TDA program, you will need to provide VCU Human Resources with the following completed documents:

1. Salary Reduction Agreement (SRA).

2. Vendor enrollment form for each TDA vendor with whom you choose to invest.  You can obtain vendor enrollment forms from VCU Human Resources or the TDA vendor; or, if you enroll on-line, you can provide the on-line* confirmation page(s) from the TDA vendor(s).

*To enroll on-line with your chosen vendor, visit the appropriate link below:

• Fidelity - the plan code for TDA is 50548; the plan code for Cash Match is 57837

• TIAA-CREF -  the access code for TDA is 100941; the access code for Cash Match is 100942

  • Click here to enroll in the TDA plan

  • Click here to enroll in the Cash Match plan

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. 

TDA Plan Providers

• Fidelity Investments 
      Forms (Adobe Acrobat Reader needed):
           Fidelity TDA and Cash Match Enrollment Form
      
          
• TIAA-CREF
      Forms (Adobe Acrobat Reader needed):
           TIAA-CREF TDA & Cash Match Enrollment Form

         TIAA-CREF TDA Enrollment Form
         TIAA-CREF Cash Match Enrollment Form

VCU Human Resources provides faculty and staff with opportunities to meet individually with the TDA vendors about retirement and investment strategies. For a list of campus dates and information on how to make a reservation for a session, follow the link below. 

        One-on-One Vendor Consultations

TDA Distributions

Distributions from TDA and Cash Match plans are generally not available while employed by VCU.  For information on your distribution options, please contact your TDA vendor.

For more information, contact a VCU Human Resource Generalist.