September 27, 2023

Tax Deferred Savings Plans Update and Notices

The following message is from Human Resources:

Please Contact Denise Frye, Benefits Administrator, at with questions. 

How do you envision your retirement?   Are you saving enough money?   Are you aware of your investment options? At this time of year, we reflect on how the current year has impacted our lives and we give thanks. It is also a time to think about the changes we can make today to ensure the future is prosperous. There is a saying, “Never put off until tomorrow what you can do today.” The time is now to revisit your investment choices and make financial decisions that will make the transition to retirement effortless. Our Financial Representatives offers you the opportunity to plan for your retirement today. Give thanks for the power of giving not only to others but also to yourself.  


Great News!!!  The Internal Revenue Service announced limits on the amounts participants may contribute to tax-deferred savings plans. The limits have increased for the 2019 calendar year (see chart below). 

457 Deferred Compensation Plan and 403(b)
Contribution Limits*
2019  2018
Annual deferral limit for participants younger than age 50* $19,000 $18,500
Standard Catch-Up (not to exceed participant’s catch-up credit) $19,000
($38,000 total)
($37,000 total)
Age 50+ Catch-Up Limit $6,000
($25,000 total)
($24,500 total)

*The annual limit includes any voluntary contributions that Hybrid Retirement Plan members make to the Hybrid 457 Deferred Compensation Plan and another supplemental 457 plan. Any Roth after-tax or pre-tax contributions made to the Commonwealth of Virginia 457 Deferred Compensation Plan also count towards the limit.  

Age 50+ Catch-Up

If you are age 50 or older during the calendar year, you may contribute an additional amount over the regular IRS annual contribution limit to the 457 or 403(b) Plan. You cannot use the Age 50+ Catch-Up and the Standard Catch-Up in the same calendar year.

Standard Catch Up

During each of the three calendar years before normal retirement age, participants may contribute up to twice the regular IRS annual contribution limit or the regular annual limit plus the amount of their Standard Catch-Up credit, whichever is less.The Standard Catch-Up credit is the amount participants were eligible to contribute but did not contribute in previous years.  

Our Financial Plan Specialists are available to conduct on-site group meetings and/or one-on-one individual consultations to help you  gain awareness of the benefits of the Defined Contribution Plans.   

One-on-One Consultations with your Financial Plan Specialist include the following:  

  • Managing your account online
  • Reviewing your contributions
  • Investment awareness
  • Beneficiary review

Our Financial Plan Specialists may be contacted directly to schedule individual consultations.  

Scheduled Visits are as follows:

Our VRS Defined Contribution Plan Specialist will be in George Washington Hall on Thursday, December 6.  You may set up an appointment by registering at  Currently, VRS is also conducting Live Webinars on a regular basis throughout the year for you.  

Here is the link to our Upcoming 457 Deferred Compensation and Virginia Cash Match Live Webinars as well as Upcoming Hybrid Defined Contribution Component Live Webinars that will assist with the overall understanding of the plans. 

Our TIAA Financial Consultant, will be in George Washington Hall on Monday, January 14, 2019 and Wednesday, January 23. Registration will be open soon at

Our MetLife Financial  Services Representative, will be in Lee Hall, Rm 412, on Monday, January 28, from 11 am to 1 pm with a workshop on Financial Footsteps. You may register by calling 703-394-7152 or by email 

For Hybrid Retirement Plan Members Only:

(Hired on or after 1/1/2014) 

The December 17th deadline  for Hybrid Voluntary Contribution Changes is around the corner 

Why You Should Be Saving with Voluntary Contributions

  • Employer Match – Consider boosting your voluntary contribution amount to 4 percent. If you save 4 percent, you’ll receive 2.5 percent in employer matching contributions!
  • Tax Savings – Taxes are deferred on both contributions and earnings, allowing you to pay less in taxes now.