Tax Sheltered Annuity and Deferred Compensation Plans
Employees may purchase a Tax Sheltered Annuity and/or a Deferred Compensation Plan through the FBMC listing of participating state approved companies such as TIAA-CREF. The Commonwealth of Virginia 457 Deferred Compensation Plan is administered by ING. The cost of participating in one of these voluntary retirement savings program will be borne solely by the employee. The state provides matching funds at 50% of the employee’s contribution up to a maximum of $20.00 per pay period.