The Cash Match Program was established April of 2000 for qualified state employees. The Cash Match Program is a supplemental retirement program in which employees may participate if they are also participating in a Tax Deferred Annuity (TDA) or the State Deferred Compensation Plan. The university will contribute 50% of the amount an employee contributes up to a maximum of $20.00 per pay period. To receive the maximum amount currently authorized, an employee must contribute $40.00 per pay period to a tax deferred plan and the university will contribute $20.00 per pay period to the Cash Match Program for that employee. If you start your tax deferred plan at a lower amount, you will receive a match equal to 50% of the amount you contribute up to a maximum of $20.00. The Cash Match Program is a good way to increase your savings for retirement.

A tax deferred annuity is taken from your check on a pre-tax basis so that your take home pay does not actually decrease by the amount of money you contribute. A $40.00 deduction for a tax deferred plan might amount to a $35.00 decrease in your take home pay depending on how many exemptions you claim and your filing status, single or married. The difference is that you do not have to pay income taxes on the $40.00 you send to a tax deferred plan until you retire and start taking distributions from the funds you have collected in your tax deferred account.

Prior to July 1, 2002 only full-time, salaried employee with twelve months of continuous state service were entitled to participate in this program. Beginning July 1, 2002 the requirement of twelve-months of continuous state service was deleted. If you decide to set up an eligible tax deferred plan without participating in the Cash Match Program, you must submit a written request to the Tax Compliance Manager or the Payroll Office to “opt out” of the program. Otherwise, enrollment in the plan is automatic.

Other information concerning the Cash Match Program may be found on the Radford University's Human Resource web page.

The Cash Match enrollment form may by downloaded as a PDF document.