October 31, 2014

Notice: 457/403b Plans; Beneficiaries

From the Office of Human Resources. For questions or concerns, please contact Benefits Administrator, Denise Frye at dfrye2@umw.edu. ,  

Availability Notice To All Employees: 

All University of Mary Washington employees including Wage and Adjunct are eligible to enroll in the 457 Deferred Compensation Plan and/or the 403(b) Tax Deferred Savings Plan. All contributions are pre-tax deductions.  

The Internal Revenue Service (IRS) has increased the deferral contribution limit for employees who participate in 457/403(b) from $17,000 to $17,500 for calendar year 2013. The catch-up contribution limit for those age 50 and over remains unchanged at $5,500. Also no changes to the Cash Match Plan; the agency cash match continues to be 50% of your contribution to one of the Plans, not to exceed $20 per pay date.  Wage and Adjunct employees are not eligible to receive the cash match.  

Full time salaried employees hired on or after January 1, 2008 are enrolled automatically in the 457 Deferred Compensation Plan for a pre-tax deduction of $20.00 and $10.00 to the cash match plan unless they have an existing 457 account or opted out of enrolling in the plan.   There are no automatic enrollments for the 403(b) Tax Deferred Savings Plan.  

To enroll or change your current pay period deductions: 

457 Deferred Compensation plan:

 • Online: Go to  https://vadcp.ingplans.com/eportal/welcome.do  (You will need your password)

By phone: 1-VRS-DC-PLAN1(1-877-327-5261), option 1.

Paper enrollment form only if you are unable to enroll using the above options. 

403(b) Tax Deferred Savings Plan:

  • Select and contact a vendor from the attached approved provider list.
  • Complete the Salary Reduction Agreement form (SRA).  SRA Form  For initial enrollment, the SRA should be completed by you and the Financial Advisor/Agent of the selected Provider and returned to Office of Human Resources for processing.
  • To receive the Cash Match on the 403(b) account, complete the Cash Match Agreement Form and forward to the Office of Human Resources for processing.  Cash Match Form    

Beneficiaries:

Are your beneficiaries up to date?  Your beneficiary form should be updated after each

personal milestone such as a change in marital status, the birth or adoption of a child or as your life events change.

To update/change your beneficiary for your life insurance benefit and VRS Retirement, submit a new Designation of Beneficiary (VRS-2 ) to Office of Human Resources as soon as possible for processing. If you don’t know who you designated, you may also submit a new VRS-2  to Office of Human Resources for processing.    

To update/change your beneficiary for the 457 deferred compensation plan, complete the 457(b)/401(a) beneficiary form and mail to ING.  

To update your beneficiary with the Optional Retirement Plan or 403(b), please contact the Vendor directly.  

Thank you

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