You contribute to the 457 Deferred Compensation Plan. Your employer contributes to the Cash Match Plan.
Cash Match Plan
- For salaried employees of the Commonwealth of Virginia, the matching amount is 50 percent of your contribution to the 457 Plan, not to exceed $20 per pay date.* Political subdivisions and school divisions that participate in the Cash Match Plan may establish their own Cash Match amount. *Wage employees are not eligible for the employer Cash Match.
- If you are a Hybrid Retirement Plan member, you must first maximize your voluntary contributions into the Hybrid 457 Deferred Compensation Plan before receiving a cash match in the Virginia Cash Match Plan.
457 Deferred Compensation Plan: The minimum amount you can contribute is $10 per pay period. The maximum you can contribute is up to 100 percent of includible compensation or the maximum listed in the Commonwealth of Virginia 457 Deferred Compensation Plan Contribution Limits, whichever is less.
The plan offers a variety of investment options - from pre-mixed target date portfolios to a menu of options across asset classes - to construct your investment portfolio. Additionally, the plan offers a Self-Directed Brokerage Account (SDBA) for an additional fee. Publicly traded mutual funds, exchange-traded funds (ETFs) and individual securities are offered through the SDBA. You must have $2,500 in the core investments before investing in the SDBA.
Investment options are available online or by calling toll-free 877-327-5261. For information about the SDBA, contact TD Ameritrade at 866-766-4015. Please consider the investment objectives, risks, fees and expenses carefully before investing.
ICMA-RC and TD Ameritrade are separate, unaffiliated companies and not responsible for each other's services or policies. Brokerage services are provided by TD Ameritrade, Inc., a registered broker-dealer and member of FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and the Toronto-Dominion Bank. Used with permission.
Investment Option Changes
- You can make changes to your account online or by calling toll-free 877-327-5261 to:
- Move all or a portion of your existing balances between investment options (subject to Plan rules)
- Change how your future contributions are invested