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Cash Match Plan
Description of Benefit
Provides employer matching contributions for state employee participants in the Deferred Compensation Plan and participating political subdivision employees whose employers provide the match.
Eligibility for Benefit
No employer match is made while on Leave Without Pay (LWOP). Members receiving a paycheck and contributing to the DCP while on active duty, continue receiving matching employer contributions.
Benefits upon Return to VRS Employment
Participants in the Commonwealth’s 457 Plan who elect to make up the contributions missed during the period of leave are eligible to receive the cash match associated with those contributions. Employees of colleges and universities whose eligibility for the cash matched is based on contributions to a 403(b) should contact their Human Resources Office for information on qualifying for the cash match.
Employer Reporting Requirements
Employer receives the Payroll Authorization form from participant. Employer cosigns the Application for Uniformed Services Leave Make-up. Employer submits the make-up cash match along with the current cash match for each pay period.
