Virginia Retirement System (VRS)

  • University Staff Operational & Administrative and Classified employees who are full-time or part-time save in the Virginia Retirement System (VRS) only

  • University Staff Managerial & Professional, University Staff Executive, Faculty, Research Associates, and Research Scientists who are full-time or part-time employees save in either the Virginia Retirement System (VRS) or the Optional Retirement Plan (ORP)

  • Medical Center Team Members who are previous participants in the VRS Plan 1 or Plan 2 may be eligible to enroll in either VRS or the Medical Center Retirement Plan (MCRP). If enrolling in VRS, a VRS-65 form must be completed and returned to HR.


This video explains UVA retirement plans.

Hoos Well video



VRS Plan 1 (hired before July 1, 2010) and VRS Plan 2 (hired on or after July 1, 2010)

  • Defined benefit plans

  • Benefits at retirement depend on

    • total years of service credit (hired before January 1, 2014)
    • age
    • average final compensation at retirement
  • If you were in VRS Plan 1 or VRS Plan 2 and did not take a refund, you remain in VRS Plan 1 or VRS Plan 2 if enrolled in the Virginia Retirement System

VRS Hybrid Plan (for employees hired on or after January 1, 2014)

  • has both a defined benefit (like a pension) and a defined contribution (that you invest and control)
  • The defined benefit depends on

    • years of service
    • age
    • average final compensation at retirement
  • You also make mandatory defined contributions through ICMA-RC, which you set up and manage with ICMA-RC


Additional Savings: Hybrid Plan Members

Most employees hired with no previous VRS service credit who elect to participate in VRS will be covered automatically under the VRS Hybrid Plan.

  • You can make additional voluntary contributions, matched by UVA, through the Hybrid 457 deferred savings program
  • You may contribute up to 4% of your salary and receive the maximum UVA cash match of up to 2.5%
  • You must make the maximum contribution in this 457 program to then become eligible for a second UVA cash match, the 403(b) savings program
    • Maxing out in the 457 program lets you set up this second program, where your 403(b) savings contributions receive a 50% UVA cash match, up to $40 per month

The chart below shows the long-term advantage of saving up to 4% of your income in a deferred savings plan (click for a larger view).

403PlanChart


Retirement Annuity

  • An individual may not receive a retirement annuity from the Virginia Retirement System (VRS) or one of the Optional Retirement Plans while UVA is making contributions to a regular retirement program
  • An individual who is receiving a retirement annuity from an account to which any Commonwealth of Virginia agency contributed should contact the HR Service Team.

Resources

Questions? Contact the HR Service Team at AskHR@virginia.edu or 434.982.0123.