Tax Deferred Compensation Plan
457(b) Supplemental Retirement
Eligible Employees
Classified | Operational | Executive | 12-Month Professional & Faculty | 12-Month Postdoc | 9-Month Professional, Faculty & Postdoc | Hourly
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 employees the opportunity to contribute up to $23,500 ($31,000 if between ages 50-59 or over age 64; $34,750 if between ages 60-63). The contributions can be made on a pre-tax or post-tax basis.
Frequently Asked Questions
Why add a supplemental retirement plan?Benefits of either a DCP or TSA Supplemental Retirement Plan:
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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) If you are interested in participating in either the 457(b) or 403(b) with a cash match plan, please contact University Human Resources at 757-221-3169 or email [[AskHR]] for assistance. |
How do I enroll?403(b) Tax Sheltered Plan: To enroll access the Retirement@Work platform. 457(b) Deferred Compensation Plan: To enroll register for a VRS DCP account. |
How do I update beneficiary information?Participants in the Commonwealth of Virginia 457b Deferred Compensation Plan should log in to their VRS DCP account to update beneficiary information for their defined contribution accounts. |
Who is the vendor of the Deferred Compensation Plan?VRS DCP | 1-877-327-5261 |
Maximum Limitations on Contributions
Calendar Year |
403(b) Limits |
457 Limits |
Between 50-59 or Over 64 |
Between 60-63 |
---|---|---|---|---|
2025 | $23,500 | $23,500 | $31,000 | $34,750 |
2024 | $23,000 | $23,000 | $30,500 | |
2023 | $22,500 | $22,500 | $30,000 | |
2022 | $20,500 | $20,500 | $27,000 |