403 (b) PLAN
EVMS offers a retirement plan which provides a defined employer contribution, the amount of which is based on the employee's status. Employees can contribute their own money (up to applicable IRS limits) and employee contributions may be changed or discontinued at any time.
Full-time and part-time employees who are at least 21 years of age are eligible upon date of hire to contribute their own monies.
Full-time employees who are over age 21 and have at least one year of service are eligible for a company contribution to their retirement account. The one-year waiting period is waived if you participated in a 403(b) or 401(a) within the last 5 years.
Additional Retirement Plan Options
457 (B) PLAN
EVMS also offers a 457 (b) Plan to full time and part time employees who are at least 21 years of age. Employees may contribute up to a maximum of $17,500 per calendar year. Employees age 50 or above may contribute an additional $5,500 for a total of $23,000. These amounts may be adjusted for cost of living increases in accordance with section 457 (e) (15) of the Internal Revenue code. The maximum limit is in addition to the maximum limit of the 403 (b) plan.
ROTH 403 (B) PLAN
Employees may now make elective contributions on an after tax basis to a Roth 403 (b) Plan. You decide how much to contribute. IRS rules limit your contribution to $17,500. Employees age 50 or above may contribute an additional $5,500 for a total of $23,000. This amount may be adjusted for cost of living increases in accordance with IRS rules. If you contribute to both the Roth 403 (b) and the 403 (b) tax deferred plan your combined maximum contribution cannot exceed the 403(b) limit. Distributions made no earlier than five years after the date of the Roth contributions and the income derived there from are excluded from gross income.