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Retirement Program

Medical Center Retirement Plan (MCRP)

The Medical Center's Optional Retirement Plan is a "defined contribution" plan with retirement benefits based on tax-deferred accumulations. Accumulations are employer-provided contributions plus investment returns over the course of the participant's working years. Vesting in the retirement plan is 100 percent after 12 months of continuous service for those hired prior to September 30, 2002, and 24 months of continuous service for those hired on or after September 30, 2002 . The current employer-paid contribution is four percent of salary for employees hired on or after September 30, 2002. If you were hired prior to this date the employer paid contribution is 8 percent of salary. Investment options are available through Fidelity Investments or TIAA-CREF. A change in retirement plan vendor may only be made three times per year; however, investment options within a vendor may be changed at any time by contacting the vendor directly.

MCRP Election to Participate

Virginia Retirement System (VRS)

PLEASE READ - IMPORTANT CHANGES TO VRS and ORP EFFECTIVE JULY 1, 2010

Full-time employees of the Medical Center who were members of the Virginia Retirement System prior to hire may select either the VRS or the MCRP. Selection of a retirement plan must be made within 60 days of employment. For employees who are eligible to select, failure to do so will result in default into the Medical Center Retirement Plan, and the inability to return to the VRS while employed at the Medical Center.

The Commonwealth of Virginia requires all full-time State employees to participate in VRS, unless they are eligible and participate in the ORP. VRS is a "defined benefit" plan that provides benefits based on years of service, age, and average annual salary, paid during the highest 36 consecutive months of credited service. VRS provides retirement benefits, calculated at retirement, as early as age 50 with ten years of service. There is an annual cost-of-living increase for retirees, beginning in the second calendar year after retirement. The contribution needed to fund the system is actuarially determined and adjusted every two years. Full retirement benefits are available for employees with 30 years of service and at least age 50. The total contribution is paid by the University. To contact VRS call toll free (888) 827-3847 or visit their website. Please Note: An individual may not receive a retirement annuity from the Virginia Retirement System (VRS) or one of the Optional Retirement Plans while the University of Virginia 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 UHR Benefits Division.

Retirement Program Summary Information

MCRP

MCRP Fund Performance Information

MCRP Plan Document

MCRP Election to Participate

MCRP Vendor Links

Note: Due to the Fall 2011 retirement program enhancement and investment line up changes, Vanguard funds will be available within the Fidelity platform beginning the week of October 23, 2011.

MCRP Enrollment Forms

VRS
VRS Website

VRS Customer Service - 1.888.827.3847

VRS Handbook for Members