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 $19,000.00 ($25,000.00 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 William & Mary, you now 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 main Human Resources Office number at 757-221-3169 or email askhr@wm.edu for additional information and/or 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 10^th or 25^th.

457(b) Deferred Compensation Plan - To enroll, please contact ICMA-RC at 877-327-5261 to enroll and/or make changes to your contribution amount or fund lineup.

Who is the vendor of the Deferred Compensation Plan? 

VA DCP  | 1-877-327-5261

To review the current investment option performance, please visit http://www.icmarc.org/x3333.xml?RFID=C2809.

If you have any questions, please contact the main Human Resources Office number at 757-221-3169 or email askhr@wm.edu. For detailed information, request IRS Publication 571.

History of Maximum Limitations on 403(b) or 457 Contributions	403 B Limits	457 Limits	Over 50 (Catch-Up Contributions)
1994	$9500	$7500
1995	$9500	$7500
1996	$9500	$7500
1997	$9500	$7500
1998	$10000	$8000
1999	$10000	$8000
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