Retirement for Professionals, Professional Faculty, Instructional Faculty, and Grant Funded Professionals
In addition to Social Security, contributions will be made for you to a retirement plan. You may choose one of two plans. An application must be submitted within 60 days of hire date.
To further understand the differences between these plans, please read Choosing Your Retirement Plan (pdf).
Choice 1: Optional Retirement Plan (ORP) - Summary
This is a defined contribution plan. You may elect either TIAA-CREF or Fidelity Investments Tax-Exempt Services Company. As a member, you determine the allocation of contributions to the investment funds available within your chosen company. Vesting is immediate with the ORP. The benefits received at retirement will depend on the level of contributions, the duration of participation, investment gains and losses, the actual age at retirement, and the retirement income option selected.For further details on this choice, select "Optional Retirement Plan" from the left menu.
Choice 2: Virginia Retirement System (VRS) - Summary
This is a defined (or fixed) benefit retirement plan. Members must have at least five years of service and have attained age 60 to retire early with reduced benefits. To receive full benefits, the member must be of social security age and have at least five years of service credit or when age and service credit equal at least 90. The benefits received at retirement are determined by salary, length of service, age at retirement, and the retirement income option selected.For further details on this choice, select "VA Retirement System" from the left menu.