Salaried and wage employees who work for state agencies or for political subdivisions and school divisions that offer the plan. In addition, if you qualify for the Virginia Cash Match Plan, you will receive a cash match from your employer.
Salaried employees enroll online OR call 877-DC-PLAN1 (877-327-5261).
To enroll online:
- Set up your online access and log in.
- Select Enroll from the COV 457 Deferred Comp Plan dropdown menu.
- Follow the Enroll instructions.
Hourly/Wage employees use this form to enroll.
An annual record-keeping fee of $30.50 will be deducted from your account on a monthly basis ($2.54 per month). If you participate in more than one Commonwealth of Virginia plan, only one annual fee of $30.50 will be deducted from your account. In addition, each investment option has investment management and other fund costs that vary. Investment option fees and performance are available online within the Investment Option Performance report. For more information about fees associated with the Self-Directed Brokerage Account, refer to the profile online .
You will receive a quarterly account statement showing your account balance and activity for your plans. Check your account balance online or by calling toll-free 877-327-5261. You may elect to receive an electronic statement.
You may withdraw from your account only when you meet one of these conditions:
- Terminate employment from the employer that offers the plan
- Use your plan account to purchase VRS service credit, if approved
- Experience an unforeseeable emergency that is approved by the Plan Administrator
- Have a low balance and an inactive account (subject to IRS De Minimis withdrawal guidelines and plan requirements)
- Reach age 72, even if still employed
- Rolled funds from another retirement plan into your 457 Deferred Compensation account
For more information about account withdrawals review the Plan Features and Highlights.
Approved balances from other governmental 457(b) plans may be rolled over to the Commonwealth's 457 Deferred Compensation Plan. In addition, balances from an eligible retirement plan such as a 401(a), 401(k), 403(b), 457(b), traditional IRA or Federal Employees Thrift Savings Plan may be rolled over. Certain after-tax rollovers are permitted into the Deferred Compensation Plan. However, balances from Roth IRAs cannot be rolled into the plan. Note that the rollovers from these plan types will be separately accounted for to ensure the distribution from these plan types will still be subject to the 10 percent penalty tax under IRS Section 72(t).
Purchase Service Credit
In-service trustee-to-trustee transfer of assets from a governmental 457(b) plan to a governmental defined benefit plan for the purchase of permissible service credit or repayment of contributions and earnings that were previously refunded, causing forfeiture of service credit under the defined benefit plan, is allowed. To use the option, you must be approved to purchase service by your defined benefit plan.