As a new George Mason University employee engaged in teaching, administration or research, you must 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.
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.
Provision of an optional plan does not constitute a recommendation for such plan, nor acceptance by the Commonwealth of any responsibility for its financial condition or future benefit payments. The Commonwealth reserves the right to amend or terminate the plan at any time and without the consent of any other party.