Deferred Compensation Plan
457(b) Supplemental Retirement
William & Mary offers both a 457(b) Deferred Compensation Plan (DCP) and a 403(b) Tax Sheltered Plan as supplemental retirement plans.
The 457(b) Deferred Compensation Plan offers you the opportunity to contribute up to $20,500.00 ($27,000.00 if over age 50) of your annual salary. The contributions are made on a pre-tax basis.
Why add a supplemental retirement plan?
Benefits of either a DCP or TSA Supplemental Retirement Plan:
- Your contributions are automatically made through payroll deduction;
- A variety of investment choices are available;
- You don't pay federal or Virginia income tax on the deferrals, earnings on your account, or your plan account savings;
- State employees who contribute the specified amount receive an employer-paid cash match (does not pertain to hourly employees), and
- You choose the amount you want to save, subject to tax code and plan limits.
Can I participate in both the 403(b) and 457(b) plans?
Yes! As an employee of the university, you have the opportunity to contribute up to the maximum in BOTH a 403(b) TSP plan and the 457(b) Deferred Compensation plan at the same time. However, you are only eligible to receive the cash match with one plan (does not pertain to hourly employees). Employees who join both plans will default their cash match plan to the 457(b) unless they specify otherwise.
The Virginia Cash Match Plan 401(a) (does not pertain to hourly employees)
The Virginia Cash Match Plan is an employer-paid program offering a 50% employer match on one plan only, with a cap of $20.00 per pay period.
* Note: Employees who are enrolled in the Virginia Retirement System Hybrid retirement plan must be contributing a total of 9% to the Hybrid plan in order to be eligible for the cash match program.
If you are interested in participating in either the 457(b) or 403(b) with a cash match plan, please contact the Human Resources at 757-221-3169 or email AskHR@wm.edu for assistance.
How do I enroll?
403(b) Tax Sheltered Plan: The Benefits Office has literature and enrollment forms for the 403(b) plans. The effective date of enrollment and contributions in a tax shelter annuity must be the first day of the pay period, the 10th or 25th. You may also enroll using the Retirement@Work platform.
457(b) Deferred Compensation Plan: To enroll, please contact MissionSquare at 877-327-5261 to enroll and/or make changes to your contribution amount or fund lineup.
Beneficiary Management through myVRS
Participants in the Commonwealth of Virginia 457 Deferred Compensation Plan should log in to MissionSquare's AccountAccess website to update beneficiary information for their defined contribution accounts.
Who is the vendor of the Deferred Compensation Plan?
VA DCP | 1-877-327-5261
Click here to review the current investment option performance.
|
History of Maximum Limitations on |
403 B Limits |
457 Limits |
Over 50 (Catch-Up Contributions) |
|
2000 |
$10500 |
$8000 |
|
|
2001 (effective in 2001 you could have both a 403(b) and 457) |
$10500 |
$8500 |
|
|
2002 |
$11000 |
$11000 |
$12000 |
|
2003 |
$12000 |
$12000 |
$14000 |
|
2004 |
$13000 |
$13000 |
$16000 |
|
2005 |
$14000 |
$14000 |
$18000 |
|
2006 |
$15000 |
$15000 |
$20000 |
|
2007 |
$15500 |
$15500 |
$20500 |
|
2008 |
$15500 |
$15500 |
$20500 |
|
2009 |
$16500 |
$16500 |
$22000 |
|
2010 |
$16500 |
$16500 |
$22000 |
|
2011 |
$16500 |
$16500 |
$22000 |
|
2012 |
$17000 |
$17000 |
$22500 |
|
2013 |
$17500 |
$17500 |
$23000 |
|
2014 |
$17500 |
$17500 |
$23000 |
|
2015 |
$18000 |
$18000 |
$24000 |
|
2016 |
$18000 |
$18000 |
$24000 |
| 2017 | $18000 | $18000 | $24000 |
| 2018 | $18500 | $18500 | $24500 |
| 2019 | $19000 | $19000 | $25000 |
| 2020 | $19500 | $19500 | $26000 |
| 2021 | $19500 | $19500 | $26000 |
| 2022 | $20500 | $20500 | $27000 |
