Please Note: In the spring of 2010, the Virginia General Assembly passed significant changes to retirement programs for State employees who began employment July 1, 2010 or later. These changes have been incorporated in this description of the Optional Retirement Plan (ORP).
Plan 1 participants began employment June 30, 2010 or earlier. Plan 2 particpants began employment July 1, 2010 or later with one exception. If an employee had an employment agreement executed before March 15, 2010 but began employment July 1, 2010 or later, they are in Plan 1 for retirement purposes.
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.
Your choices are the Virginia Retirements System (VRS), which is a defined benefit plan, and the Optional Retirement Plan (ORP), which is a defined contribution plan. As a Plan 2 participant (with an employment start date of July 1, 2010 or after), you will make a 5% pre-tax contribution to either plan you choose.
If you do not select the ORP within 60 days of employment, you will be covered by VRS.
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. As a defined benefit plan, VRS is structured to reward long service.
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 VRS and not be eligible for the ORP.