Wage Employee Retirement Options
At Laurel Ridge Community College, wage employees are eligible to contribute to retirement plans. The two options are listed below. As wage employees, they are not eligible for a cash match from the employer in either plan. Wage employees may establish an account with a plan listed below. Once the account is established, the employee may submit their salary reduction form to their Payroll Analyst, Courtney Barnhart, at cbarnhart@laurelridge.edu.
Commonwealth of Virginia 457 Deferred Compensation Plan
The Commonwealth of Virginia 457 Deferred Compensation Plan is a voluntary retirement savings program that is available to individuals who are employed by the Commonwealth of Virginia in either a salaried or wage position. The plan allows you to save for retirement through convenient payroll deductions. With pre-tax deductions, your contributions and any earnings are tax-deferred. With Roth, after-tax, contributions, you pay taxes on your contributions now, for qualified tax-free withdrawals later. There is no cash match option for wage employees.
Wage, or part-time employees who are not covered by VRS, enroll using the Wage Enrollment Form. Once completed, submit it for processing as indicated on the form. You will receive a welcome letter once your account has been established, which allows you to manage your account online.
Website for more information:
https://dcp.varetire.org/457
Form for enrollment:
https://dcp.varetire.org/pdf/forms/dcp-wage-hourly-participant-enrollment-form.pdf
403(b) Tax-sheltered Annuity Program
The 403(b) Plan is a voluntary retirement savings program that is available to individuals who are employed by the Commonwealth of Virginia in either a salaried or wage position. The plan allows you to save for retirement through convenient payroll deductions. With pre-tax deductions, your contributions and any earnings are tax-deferred. With Roth, after-tax, contributions, you pay taxes on your contributions now, for qualified tax-free withdrawals later. The current 403(b) vendors are TIAA and Corebridge Financial. To the right, you will find the 403(b) plan information sheet along with the Salary Reduction Agreement Form that can be used to initiate or change your contribution. For new enrollments from full-time employees, the Cash Match Agreement Form will also need to be completed if you would like your cash match to go to your 403(b) account. There is no cash match option for wage employees.
Link to employee portal for flyer and salary reduction agreement form:
https://help.vccs.edu/TDClient/2980/Portal/KB/ArticleDet?ID=149701
Form for enrollment:
file:///C:/Users/cbarnhart/Downloads/Salary%20Reduction%20Agreement%20Form%20(1).pdf
Contact Information:
Contact information for Corebridge Financial:
Contact Information for TIAA:
