For Professionals, Professional Faculty, Instructional Faculty, Grant Funded Professionals
In addition to Social Security, contributions will be made for you to either this Optional Retirement Plan (ORP), or a VA Retirement System plan (VRS). You may choose either plan, but an application must be submitted within 60 days of hire date.
To further understand the differences between the VRS and ORP plans, please read Choosing Your Retirement Plan (pdf).
Optional Retirement Plan (ORP)
This plan is a defined contribution plan. You may elect either TIAA-CREF or Fidelity Investments. 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.
Plan Design Change
The General Assembly has approved plan design changes for the ORP benefit effective July 1, 2010. Employees hired or rehired on or after July 1, 2010 will be enrolled into a new design referred as ORP Plan 2. The previous plan design is referred as ORP Plan 1. Under the new provision employees will have to make a 5% contribution to their retirement account unless they are former members who did not rollover or request a refund from their ORP account.