Does VRS offer a tax-deferred savings plan?
VRS offers the Commonwealth of Virginia 457 Deferred Compensation and Virginia Cash Match Plans, which allow you to save for retirement on a tax-deferred basis. You may be eligible to participate in the 457 Plan, the Virginia Cash Match Plan or another plan offered by your employer: • If you are a salaried state employee, you were enrolled automatically in the 457 Plan and Cash Match Plan upon employment. If you were hired before January 1, 2008 in an eligible state position, you had the option to participate in the 457 Plan. If you do not participate, you can enroll at any time. The cash match is $10 per pay period. • If you are a political subdivision employee, you may be eligible to participate in the 457 Plan or a separate 457(b) governmental plan your employer may offer. You also may be eligible for a cash match of $10 per pay period if your employer participates in the Virginia Cash Match Plan. • If you are a teacher, you may be eligible to participate in a 403(b) education plan
