In March 2011, the state’s General Assembly approved the increase to our cash match, effective June 10, 2011. For the 2010 fiscal year, we saw a reduction in the cash match from $20 to $10 per pay period. Effective June 10, the university will match employee contributions at 50 percent with a maximum match of $20 per pay period. If you are currently sheltering at least $40 per paycheck into a 403(b) or 457(b) plan, you will automatically see an increase in the cash match from $10 to $20 in your July 1 paycheck. If you are currently sheltering less than $40 per pay period and wish to maximize the cash-match benefit, please complete a salary reduction agreement form and return to the Human Resources Service Center. See the salary reduction agreement form at: http://www.hr.vt.edu/benefits/files/file_hr_ben_salary_reduction_agreement_pdf . For more information, please contact the Human Resources Service Center at 540-231-9331 or pserv@vt.edu.
