Lehigh University provides eligible faculty and staff members with access to the Voluntary Retirement Savings Plan (VRSP). The VRSP is a valuable savings tool because the money contributed to the plan from the individual’s paycheck, as well as the interest or dividends earned, is tax-deferred. No income tax is paid until the funds are withdrawn during retirement.
The plan is offered to supplement the retirement income provided by Social Security and the Lehigh University Retirement Program for Faculty and Staff. It is designed to meet the requirements of Internal Revenue Service Section 403(b) and 403(b)(7) and is subject to current and future provisions of the Internal Revenue Code.
Faculty and staff members can choose to direct their salary reduction contributions to:
The minimum monthly amount for investment in the VRSP is $15. The maximum annual amount is determined by federal law. To view the schedule of maximum contributions, click here. Faculty and staff members may revise their contribution rate and/or terminate contributions at any time.
It is important to note that any money withdrawn before the faculty or staff member reaches age 59½ or retires, will be subject to federal income taxes and may be subject to a federal tax penalty. In addition, the ability to withdraw funds before age 59½ may be restricted.
For information on historical investment results, go to the individual company websites.
To access forms needed to enroll in the plan or to make changes to current contributions or investment company choices, click here.
The VRSP is administered by Human Resources.