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).
Additional information on ORP Plan - see below
Optional Retirement Plan (ORP)
This plan is a defined contribution plan. Starting January 1, 2018 TIAA-CREF is our Plan Administrator and investment provider for our ORP plan. Employees hired prior to January 1, 2018 have the option to choose either TIAA-CREF or Fidelity Investments as their Investment provider. 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
Employees hired prior to July 1, 2010 will be enrolled into the ORP Plan 1 as long as they did not have a break in service with a withdrawal taken from their account.
Employees hired or rehired on or after July 1, 2010 will be enrolled into the ORP Plan 2. Employees under this plan 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.
ORP Plan Administration
Please visit our Retirement At Work website to set up your account access.