Voluntary retirement plan contribution limits for 2019

From: The Division of Human Resources

Virginia Tech employees have many retirement plan options, including voluntary plans such as the university's Deferred Savings Program (the “403(b) Plan”) and the Commonwealth of Virginia’s Deferred Compensation Plan (the “457(b) Plan”).

All Virginia Tech employees are eligible to participate in one or both of these voluntary plans, which provide additional ways to save money toward retirement. Contributions can be made through pre-tax or after-tax (also called “Roth”) payroll deductions. Employee contributions and any applicable matching employer contributions in your 403(b) and 457(b) Plan are immediately 100 percent vested.

Below are the 2019 IRS maximum annual limits for contributions to a 403(b) Plan and a 457(b) Plan:

  • Under age 50: $19,000 (increased from $18,500 in 2018)
  • Age 50 or older: $25,000 (increased from $24,500 in 2018)

 

If you wish to enroll, or are already participating and wish to make changes to current contributions, the following links provide access to additional information:

 

For more information about Virginia Tech’s retirement plan options, contact Human Resources Service Center at 540-231-9331.