Optional Retirement Plan
Guide...
- Introduction
- Choosing Your Retirement Program
- Comparing Plans
- Selecting a Plan
- Final Comments
Your selection of a retirement plan is irrevocable. Because this choice cannot be changed at a later time, it should be made with great care. (If you elect to participate in the ORP, you can change your provider of the ORP during open enrollment.)
You have 60 days from the date you are employed to make your choice, notify your benefits administrator and complete the necessary forms.
If you choose VRS:
If, after reviewing the features of VRS and the ORP, you conclude that a defined benefit plan such as VRS will better meet your needs, you should contact the Benefits team to advise them of your decision and to choose between the Traditional Sick Leave Program and the Virginia Sickness and Disability Program (VSDP).
You may learn more about VRS by visiting the VRS Web site. Direct contact information is as follows:
Virginia Retirement System
P.O. Box 2500
Richmond, VA 23218-2500
(804)649-8059 or (888)-VARETIR
If you choose the ORP:
If you decide a defined contribution plan such as the ORP will serve you better, you must select a plan provider; check with your benefits administrator to determine which providers are available to you. Contributions may go to one provider only. However, you may spread your contributions among the investment options available through that provider. During "open enrollment" you may select a new provider to receive your contributions.
Once you have selected an ORP provider, contact your Benefits Office and complete VRS-65 form, "Election to Participate in Faculty Retirement Plan". You must also complete an enrollment form from your chosen provider. Your benefits office will tell you the date on which your contributions will begin going to the one you have selected.
ORP Providers
Fidelity Investments Tax-Exempt Services
P.O. Box 1823
Boston, MA 02105-9916
(800) 343-0860
TIAA-CREF
3050 Chainbridge Road
Suite 400
Oakton, VA 22124
1-866-904-7805
Fax 703-383-1542