There is no waiting period. You can enroll in the Plan at any time. To make your enrollment effective, it is important you also complete a Salary Reduction Agreement Form with your benefits office.

Follow the detailed instructions on the "Enroll today" page after this FAQ section to enroll in the Virginia Tech 403(b) Plan.

Your enrollment becomes effective once you complete a Salary Reduction Agreement Form with your benefits office, which initiates deduction of your contributions from your pay. These salary deductions will generally begin with your next pay period after we receive your enrollment information, or as soon as administratively possible.

You can contribute between 1% and 100% of your eligible pay, up to the annual IRS dollar limits. Annual additions to the plan (your contributions and company contributions combined) may not exceed 100% of your pay or $70,000 for 2025 (whichever is less).

If you are under age 50, federal tax law generally limits your contribution limit for deferrals and Roth Contributions to $23,500 for 2025.

If you will be at least age 50 during the year, your plan allows you to contribute an additional $7,500 in "catch-up" contributions.

The IRS contribution limit for 2025 is $23,500.

Virginia Tech helps your retirement savings grow by matching your contributions. As long as you contribute at least $10 each pay period to the Virginia Tech 403(b) Plan, Virginia Tech will match this contribution at 50% (up to a maximum of $20) in your Cash Match Account.

You are immediately 100% vested in your own contributions to the 403(b) Plan.

To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The 46 investment options available through the Plan include conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

We encourage you to take an active role in the Virginia Tech and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the Fidelity Freedom^® Fund - Class K with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of Virginia Polytechnic Institute.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Fidelity Freedom^® Income Fund Class K. More information about the Fidelity Freedom^® Fund - Class K options can be found online.

Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.

Withdrawals from the Plan are generally permitted when you terminate your employment, retire, reach age 59½, become permanently disabled, or have severe financial hardship as defined by your Plan.

You are permitted to rollover eligible pretax or Roth contributions from another 403(b), 401(a)/(k) or governmental 457 (b) retirement plan or eligible pretax contributions from conduit Individual Retirement Accounts (rollover IRAs). A conduit IRA is one that contains only money rolled over from an employer-sponsored retirement plan that has not been mixed with regular IRA contributions.

Additional information can be obtained online, or by calling the Fidelity Retirement Benefits Line at 1-800-343-0860.

Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.

If you have not already selected your beneficiaries, or if you have experienced a life-changing event such as a marriage, divorce, birth of a child, or a death in the family, it’s time to consider your beneficiary designations. Fidelity’s Online Beneficiaries Service, offers a straightforward, convenient process that takes just minutes. To make your elections, click on the “Profile & Settings” icon in the upper right-hand corner, then select “Beneficiaries” and follow the online instructions.

Learn about exchanges and more online or by calling the Fidelity Retirement Benefits Line at 1-800-343-0860 to speak with a representative or use the automated voice response system, virtually 24 hours, 7 days a week.

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