Human Resources and Payroll

Benefits

 

Optional Retirement Plan

Guide...

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 and your investment choices anytime.)

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 the VRS Hybrid Plan:

If, after reviewing the features of VRS and the ORP, you conclude that the VRS Hybrid Plan will better meet your needs, please contact the Benefits team to complete a VRS-65 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 or by contacting them directly at:

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 fully defined contribution plan such as the ORP will serve you better, you must select a plan provider (see below for choices). Contributions may go to one provider only. However, you may spread your contributions among the investment options available with that provider.

Once you have selected an ORP provider, contact the Benefits Team and complete VRS-65 form, "Election to Participate in Faculty Retirement Plan". The Benefits Team will advise you of the date when 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
3050 Chainbridge Road
Suite 400
Oakton, VA 22124
1-866-904-7805
Fax 703-383-1542

Fund Offerings for ORP and Cash Match Plans
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