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Virginia Cash Match Plan
The Virginia Cash Match Plan is an employer-paid cash match program for qualified employees who are making continuous contributions to the Commonwealth of Virginia Deferred Compensation Plan. If you are a salaried employee contributing at least $10 per pay period, you are eligible for the tax-deferred cash match.
Salaried state employees receive a cash match of either 50 percent of the contribution or $20 per pay period, whichever is less. Qualified employees of political subdivisions and school districts may receive a cash match in an amount determined by their governing bodies.
Cash Match Plan Benefits
- There is no separate application. If your employer participates, you are automatically enrolled in the Virginia Cash Match Plan.
- You pay federal and state income taxes only when you receive the money from your account.
- Account balances are immediately vested.
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