Your Turn to Ask
Can part-time or hourly employees participate in the Commonwealth of Virginia 457 Deferred Compensation Plan?
Yes, the Commonwealth of Virginia 457 Deferred Compensation Plan is open to wage employees at state agencies or participating political subdivisions and school divisions. The plan allows employees to set aside additional savings toward retirement through before-tax contributions and Roth after-tax contributions. The Virginia 401(a) Cash Match Plan provides an additional incentive for employees to save for their retirement. Employers who previously adopted the Commonwealth of Virginia 457 Plan may also adopt the Virginia 401(a) Cash Match Plan. VRS research shows that participation rates are higher when employers offer both plans. Full and part-time employees making continuous contributions to the Commonwealth of Virginia 457 Plan may be eligible to receive a cash match. Eligible participants may enroll online or by calling 877-327-5261.