The maximum you can contribute is up to 100 percent of includible compensation. Your contributions are tax-.Virginia offers qualifying individuals ages 65 and older a subtraction that reduces the amount of their income subject to Virginia income tax. General limits for the 403(b) and 457 plans are the same, but other catch-up provisions differ. Supplemental savings plans 403(b) and 457 allow you to invest additional money pre- or post-tax. Of Virginia 457 Deferred Compensation Plan for additional retirement savings. If you are contributing the maximum 4 percent voluntary contribution to your. You will also receive a pension based on an average of your highest 36 months of basic pay.