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Auto-Enroll for State Employees- Commonwealth of Virginia 457 Deferred Compensation Plan
- Allowable Deferral Amounts
- Enrollment for Non-State Employees
Auto-Enroll for State Employees
If you become employed in a salaried state position effective January 1, 2008, your participation in the Commonwealth of Virginia 457 Deferred Compensation Plan is automatic.
You will see a deduction from your paycheck of $20 per pay period beginning approximately 90 days after your employment date. This amount, along with a $10 employer cash match, will be automatically deposited into your account. You can receive a cash match of up to $20 if you increase your deferral to at least $40 per pay period.
Notification
Shortly after you become employed, you will receive a notice about your automatic enrollment and an information packet from Great-West Retirement Services, the record-keeper for the plan.
The packet provides information about the plan’s features and investments. It also includes a beneficiary designation form and an enrollment form if you would like to begin contributing to your 457 Plan before your automatic deferral begins.
You can increase your deferral amount and change your investments at any time. Your notice from Great-West will include a Personal Identification Number (PIN) to allow you to manage your account online.
Cancelling Your Enrollment
If you do not wish to participate in the 457 Plan, you can opt out within 90 days of receiving your PIN from Great-West. You have another 90 days from the date of your first deferral to opt out and be eligible for a refund of your 457 Plan deferrals. Your enrollment packet will have more information about cancelling your enrollment.
Returning to State Employment?
If you return to salaried state employment and have a 457 Plan account from your previous position, you may resume your deferrals online at www.vadcp.com; by calling KeyTalk toll free at 1-866-226-6682; or by using a payroll authorization form available from your human resource office. If you did not have a 457 Plan account, you will be automatically enrolled in the plan.
College and University Employees
You may participate in your employer’s 403(b) deferred compensation plan as well as the 457 Plan. Some colleges and universities automatically enroll their employees in the 403(b) plan. If your institution does not provide this feature and you do not elect to participate in the 403(b) plan, you will be automatically enrolled in the 457 Plan. Check with your human resource office about enrollment in both plans.
For More Information
Visit the plan Web site at www.vadcp.com or contact your human resource office.
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