Academic employees will be automatically enrolled in the 403(b) with a contribution of $40 per month if you do not opt out of this enrollment or enroll on your own within 60 days. Once you have enrolled through UVA, register your account and select your investment options on Fidelity NetBenefits^® at netbenefits.com/UVA.

To enroll in the plan and select your contribution rate, visit the UVAHR Retirement page (hr.virginia.edu/benefits/retirement/403b-and-457-savings-plans) and log on to Workday.

To opt out of automatic enrollment in the 403(b), please log into Benefits@ on the UVA HR page (www.hr.virginia.edu).

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

If you have reached age 50 or will reach 50 during the calendar year January 1 – December 31 and are making the maximum plan or IRS contribution, you may make an additional catch-up contribution each pay period. The maximum annual catch-up contribution is $7,500. Going forward, catch-up contribution limits will be subject to cost of living adjustments (COLAs) in $500 increments.

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 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 at Fidelity NetBenefits^®.

An annuity is issued by an insurance company and purchased by a consumer for long-term investing. There are various fees and expenses associated with annuities, and in certain situations withdrawal penalties may be applicable. An annuity is not a mutual fund. There are two types of annuities, variable and fixed.

Your Plan offers a fixed annuity. A fixed annuity lets you lock in a guaranteed rate of interest for a specific period — normally between three months and one year. As each “guarantee rate period” comes to a close, the insurance company sets a new interest rate for the upcoming period. Interest rates and time periods vary depending on the annuity contract. Guarantees are subject to the claims-paying ability of the insurance company.

We encourage you to take an active role in the Plan and choose investment options that best suits 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 Vanguard Target Retirement Fund 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 the University of Virginia 403(b). If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Vanguard Target Retirement Income Fund. For more information about the Vanguard Target Retirement Fund options, log into www.netbenefits.com/atwork.

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 roll over eligible pretax contributions from another 401(k) plan, 401(a) plan, 403(b) plan or a governmental 457(b) retirement plan account or eligible pretax contributions from conduit individual retirement accounts (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. Call the Fidelity Representatives at 1-800-343-0860 or go online for details.

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