457(b) Deferred Compensation Plan

The 457(b) deferred compensation plan provides an excellent opportunity to invest pre or post-taxed dollars and can be an integral part of longer term financial and/or retirement planning. The Commonwealth of Virginia 457(b) Plan is administered by MissionSquare. All employees, including adjunct faculty and wage, are eligible to participate in the 457(b) deferred compensation plan. However, only full and part-time faculty and staff employees are eligible to receive the employer cash match.  Employees may participate in the 403(b) tax deferred savings plan and the 457(b) deferred compensation plan at the same time.

The limit that may be deferred for 2024, as determined by the Internal Revenue Service, is:

• Under age 50 - $23,000
• Age 50 or older - $30,500
• Individuals with at least 15 years of service may also be eligible for an additional $3,000 “catch up” per year, not to exceed $15,000 in a lifetime. Contact your vendor directly to determine eligibility.

If you are a wage employee and wish to sign up for a 457(b) account, complete this wage enrollment form and return it to Human Resources.

Managing your account

Employees can change their 457(b) deferred compensation plan deferrals and investments online or by calling 1-877-327-5261.