Human Resources and Payroll

Benefits

 

 

Optional Retirement Plan

Guide...

As a new George Mason University employee engaged in teaching, administration or research, you are allowed to select your retirement plan. (You also have the choice if you have changed from a classified to a faculty position.) You must choose a retirement plan within 60 days of your employment date. This choice is irrevocable.

Your choices are the Virginia Retirement System (VRS) Hybrid Plan, which is a combination defined benefit and defined contribution plan or the Optional Retirement Plan (ORP), which is a defined contribution plan.  You will make a 5% pre-tax contribution to either plan you choose.

 

If you already have service in VRS, it is suggested that you look closely at the impact on your retirement income were you to select the ORP.

 

Remember: You have 60 days from the date you are employed to make your choice and to complete the required forms. If you make no selection, you will automatically be enrolled in the VRS Hybrid Plan and not be eligible for the ORP.

 

 

Next: Choosing Your Retirement Program