Voluntary retirement plan contribution limits for 2021
From: Human Resources
Virginia Tech employees have many retirement plan options, including voluntary plans such as the university's Deferred Savings Program (403(b) Plan) and the Commonwealth of Virginia’s Deferred Compensation Plan (457(b) Plan).
All Virginia Tech employees (including adjunct faculty, wage, and student wage) 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 2021 IRS maximum annual limits for contributions to a 403(b) Plan and a 457(b) Plan:
- Under age 50: $19,500 (same limit applied in 2020)
- Over age 50: $26,000, with the $6,500 age catch-up (same limit applied in 2020)
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:
- 403(b) Plan: Complete the Voluntary 403(b) Retirement Contribution Election Form and submit the form to the HR Service Center.
- 457(b) Plan: Contact the plan provider or by calling 1-877-327-5261.
For more information about Virginia Tech’s retirement plan options, contact the HR Service Center at 540-231-9331.