Cash Match:
The Virginia Cash Match Plan is an employer-paid cash match program for qualified employees (full-time or "classified" part-time) who are making continuous contributions to the Commonwealth of Virginia 457 Deferred Compensation Plan or a 403(b) through one of the approved vendors from the FBMC provider listing. If you are a qualified employee contributing at least $10 per pay period, you are eligible for the tax-deferred cash match.
Qualified employees receive a cash match of either 50% of the contribution or $20 per pay period, whichever is less. Employer contributions are made on behalf of eligible employees to individual participant accounts and accumulate on a tax-deferred basis until the Plan funds are distributed (generally after retirement).
To receive the 50% cash "match" and to enroll in the 457 plan, complete the 457 Enrollment Application as well as the 457 Beneficiary Designation Form and return them to the Human Resources Office for processing. Enrollment packets may also be obtained from the Human Resources Office.
To receive the 50% cash "match" and to enroll in a 403(b) plan, select and contact a participating vendor from the FBMC provider listing, complete and submit to the vendor the 403(b) Cash Match Agreement Form and the 403(b) PreTax Salary Reduction Agreement.
457 Deferred Compensation Plan
403(b) Enrollment Instructions
Enrollment Forms