UVA Tax-Deferred Savings Plan (TDSP)
 
  UVA Optional Retirement Plan (ORP)
 
  UVA Academic Cash Match Plan (ACMP)
 
  UVA Medical Center Retirement Plan (MCRP)
 
  UVA Medical Center Cash Match Plan (MCCMP)
 
 
About the UVA Tax-Deferred Savings Plan (TDSP)
 
   When can I enroll in the TDSP?  
   How do I enroll in the TDSP?  
   When is my TDSP enrollment effective?  
   How do I designate my beneficiary?  
   What contributions are made to the TDSP?  
   What “catch-up” contribution can I make to the TDSP?  
   What are my TDSP investment options?  
   When am I vested in the TDSP?  
   Can I make withdrawals from my TDSP account?  
   Can I move money from another retirement plan into my TDSP account?  
   Can I take a loan from my TDSP account?  
   How do I access my TDSP account?  
   How do I obtain additional investment option and account information?  

 

When can I enroll in the TDSP?
You may enroll in the TDSP at any time.

All eligible newly hired or re-hired salaried state employees will be automatically enrolled in the TDSP with a contribution of $40 per month unless they opt out of this enrollment or actively enroll within 60 days. 

To opt out of automatic enrollment in the TDSP, you must complete the Opt-Out Form and return it to the address on the form.

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How do I enroll in the TDSP?
Follow the instructions on the Enroll Today tab. You must complete the enrollment process for each Plan in which you choose to enroll. 

While the University strongly encourages you to enroll in the TDSP online to simplify and streamline your enrollment process, you may enroll in the Plan by completing a Fidelity Account Application/Enrollment Form and the Tax Deferred Savings Plan Authorization Form . Return both forms to UVA Human Resources.

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When is my TDSP enrollment effective?
If you actively enroll, your enrollment will be effective as soon as administratively possible after you have completed the online enrollment process and returned all necessary forms.

If you are automatically enrolled, your enrollment will become effective as soon as administratively possible after you have been employed with the University of Virginia for 60 days.  

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How do I designate my beneficiary?
Complete this beneficiary designation form and return it to Fidelity Investments at the address on the form. You must complete a form for each Plan for which you are designating a beneficiary. 

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What contributions are made to the TDSP?
You may contribute a minimum of $20 per month up to a maximum of $16,500 per year in 2011. You may contribute an additional $5,500 in catch-up contributions if you are or will be age 50 or older in 2011.

Annual additions to the Plan (your contributions and company contributions combined) may not exceed 100% of your pay or $49,000 for 2011 (whichever is less).  

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What “catch-up” contribution can I make to TDSP?
You may contribute an additional $5,500 in catch-up contributions if you are or will be age 50 or older in 2011. 

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What are my TDSP investment options?
To help you meet your investment goals, the TDSP 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 numerous 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®.

The Plan also offers the Fidelity Freedom Funds® that offer a blend of stocks, bonds and short-term investments within a single fund. Each Freedom Fund's asset allocation is based on the number of years until the fund's target retirement date. The Freedom Funds are designed for investors who want a simple approach to investing for retirement. We encourage you to take an active role in the Plan 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 with the target retirement date closest to the year you might retire, based on your date of birth and assuming a retirement age of 65, at the direction of the Plan Sponsor. If no date of birth or an invalid date of birth is on file at Fidelity your contributions will be invested in the Fidelity Freedom Income Fund®. For more information about the Fidelity Freedom Fund options, as well as other investment options available in the Plan, please go to the "Investment Options" section of the Plan's enrollment guide

Review Freedom Funds Default Chart

The Freedom Funds are designed for investors expecting to retire around the year indicated in each fund's name. Except for the Freedom Income Fund, the funds' asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. Ultimately, they are expected to merge with the Freedom Income Fund. The investment risks of each Fidelity Freedom Fund change over time as its asset allocation changes. They are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, small cap and, commodity-related, foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.

Before investing in any investment option, please carefully consider the investment objectives, risks, charges and expenses. For this and other information, call Fidelity at 1-800-343-0860 or visit www.fidelity.com for a free mutual fund prospectus or, if available, a summary prospectus. For information on fixed annuities, contact Fidelity to request a fact sheet. Read them carefully before you invest.

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When am I vested in the TDSP?
You are immediately vested in your contributions to the TDSP and earnings on them. 

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Can I make withdrawals from my TDSP account?
Withdrawals from the TDSP 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. Keep in mind that withdrawals are subject to income taxes and possibly to early withdrawal penalties. For more information, you may log on to Fidelity NetBenefits® by clicking the Home tab above, or call the Fidelity Retirement Services Center at 1-800-343-0860.

The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer's retirement plan is subject to 20% mandatory federal income tax withholding, unless it is directly rolled over to an IRA or another employer plan. (You may owe more or less when you file your income taxes.) If you are under age 59 ½, the taxable portion of your withdrawal is also subject to a 10% early withdrawal penalty, unless you qualify for an exception to this rule. The plan document and current tax laws and regulations will govern in case of a discrepancy. Be sure you understand the tax consequences and your plan's rules for distributions before you initiate a distribution. You may want to consult your tax adviser about your situation. 

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Can I move money from another retirement plan into my TDSP account?
You are permitted to roll over eligible contributions from a
401(a) plan, 401(k) plan, 403(b) plan, or a governmental 457(b) retirement plan account, or eligible contributions from conduit Individual Retirement Accounts (rollover IRAs) and certain non-conduit Individual Retirement Accounts (traditional IRAs, Simplified Employee Pension plans, and "SIMPLE" IRA distributions made more than two years from the date you first participated in the SIMPLE IRA). 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. Contact Fidelity Investments for details. You should consult your tax adviser and carefully consider the impact of making a rollover contribution to your employer's plan because it could affect your eligibility for future special tax treatments. 

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Can I take loans from my TDSP account?
You are not permitted to take a loan from your TDSP account with Fidelity. 

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How do I access my TDSP account?
You can access your account online through Fidelity NetBenefits® by clicking the Home tab above, or by calling the Fidelity Retirement Services Center 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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How do I obtain additional investment option and account information?
Your Employer has appointed Fidelity to provide additional information on the investment options available through the Plan. Also, a statement of your account may be requested by phone at 1-800-343-0860 or reviewed online at Fidelity NetBenefits®.

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This website provides only a summary of the main features of the University of Virginia Tax-Deferred Savings Plan, and the Plan document will govern in the event of any discrepancy.

Unless otherwise noted, transaction requests confirmed after the close of the market, normally 4 p.m. Eastern time, or on weekends or holidays, will receive the next available closing prices.

The investment options available through the plan reserve the right to modify or withdraw the exchange privilege.



 


 

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