Administrative & Professional Faculty

Retirement & Investment Benefits

Important: Not all A&P Faculty members are enrolled in the Virginia Retirement System and therefore not all of the benefits listed on this page may be accessible to you. Please contact Human Resources to determine your status.

Virginia Retirement System (VRS)
VRS furnishes a retirement benefit to enrolled employees. The State and the University share the cost of providing this important benefit to employees. VRS, which is a defined benefit plan, has a five- year vesting period before you are eligible for a retirement annuity. If you separate from university employment, you may choose to withdraw retirement contributions. The refund of contributions is not automatic; you must request the refund.

For additional information please refer to your Handbook for Members published by VRS.

Supplemental Retirement Accounts:

Roth IRA
The Roth IRA allows you to invest up to $3,000.00 a year in a tax-advantaged retirement account and you must work in order to contribute. Contributions are made with after-tax dollars, but are tax- free at the time of withdrawal. Contact the Benefits Service Center for information on the individual companies.

Tax Deferred Annuities-403(b) and 457 Accounts
The University provides the opportunity for employees to supplement retirement through tax-deferred annuities. These are employee only contributions and provide pre-tax deposits toward a supplemental retirement account. The University works with designated companies. If you are interested in a tax deferred annuity program, please contact the Benefits Services Center for information on the individual companies. You are responsible for ensuring that your contributions are in compliance with IRS regulations concerning tax-deferred contributions.

Employer Match Program
JMU offers an Employee Match Program to all full-time employees. You must first establish a supplemental retirement account, which can be started at any time after employment. The employer match is a ½ match program with the maximum per pay period being $20.00. Example: You contribute $40.00 per period to your supplemental retirement and JMU with match $20.00 per pay period; if you contribute $20.00 per pay period, JMU will match $10.00 per pay period. Your supplemental retirement account is a 403(b) account and is the money you contribute while the match is a 401(a) account and is the money that the University contributes.

Savings Bonds
People who choose to save with US Savings Bonds report: 1) their investment is safe because it is backed by the US Government; 2) bonds are easy to purchase through payroll deduction; 3) there are tax advantages when redeemed for education; and 4) the bonds can be cashed after 12 months if an emergency arises or you want to cash the bond and put the proceeds in a stock certificate.

Both Series EE and Series I bonds available
  • The Series EE Bond is purchased at 50% of the face value and earns interest for up to 30 years payable upon redemption.
  • The Series I Bond is purchased at face value and also earns interest for up to 30 years payable upon redemption.
  • You can redeem your bond 12 months after the issue date. However, if you redeem your bond before 5 years, you will loose the last three months of interest earnings.
  • You may purchase bonds at any time during the year.
  • Interest earnings for the Series EE and Series I Bonds are determined differently.
    • Series EE Bonds - the interest is earned through application of a market-based savings bond rate.
    • Series I Bond - the interest is earned through a calculation of a fixed rate of return and a semi-annual inflation rate.
  • Interest rates are determined semi-annually. (May 1 and November 1)