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 an Optional Retirement Plan authorized by the Code of Virginia. 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.
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.
Virginia Retirement System (VRS)
Important - VRS Hybrid plan opt-in period beginning January 1, 2014: The VRS Hybrid Retirement Plan, which goes into effect on January 1, combines the features of a defined benefit plan, which pays a monthly retirement benefit based on age, total service credit and average final compensation, and a defined contribution plan, which provides a retirement benefit based on contributions to the plan and the investment performance of those contributions. Most Plan 1 and Plan 2 members may elect to opt into the hybrid plan during a one-time election period beginning January 1, 2014 and ending April 30, 2014. Coverage for those who opt in will take effect July 1, 2014. Some current covered employees will not be eligible to transfer into the hybrid plan including: ORP participants and VaLORS members. Most employees hired on or after January 1, 2014 with no previous VRS service credit and elect to participate in VRS will be covered automatically under the hybrid plan.
Read the Special Issue of Member News for more information about the plan, eligibility, how to opt in and resources available to you, including the Hybrid Plan Calculator (available in early January) in your myVRS account. A detailed instruction guide is available once you access the calculator. Also, stay tuned to the VRS website for additional educational opportunities.
Log in or create a myVRS account to access the Hybrid Plan Calculator (available in early January), check your member account balance or create a benefit estimate. [Subscribe to Member News] to receive the latest information about your VRS benefits. In order for VRS members to remain up to date on changes affecting them, we recommend participating employees read Member News quarterly updates.
For additional questions about the Hybrid Retirement Plan, contact the Hybrid Support Team by phone at 1-855-291-2285 or see VRS Hybrid Retirement Plan.
In order for VRS members to remain up to date on changes affecting them, we recommend participating employees read Member News quarterly updates.
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.
To contact VRS call toll free (888) 827-3847 or visit their website.
|Virginia Retirement System (VRS) Plan Summary|
|Effective July 1, 2010||VRS Plan 1 (Members Hired Before July 1, 2010 who have not taken a refund)||VRS Plan 2 (Members Hired or Rehired On or After July 1, 2010)|
|Average final compensation||Average of the employee’s 36 highest consecutive months of creditable compensation||Average of the employee’s 60 highest consecutive months of creditable compensation|
|5 percent member contribution||State employees contribute the 5 percent member contribution.||State employees contribute the 5 percent member contribution.|
|Normal retirement age||VRS: Age 65|
VaLORS (Law Enforcement) Hazardous Duty Members: Age 60
|VRS: Normal Social Security retirement age
|Earliest unreduced retirement eligibility||VRS: Age 65 with at least five years of service credit or age 50 with at least 30 years of service credit|
VaLORS (Law Enforcement) Hazardous Duty Members: Age 60 with at least five years of service credit or age 50 with at least 25 years of service credit
|VRS: Normal Social Security retirement age with at least five years of service credit or age 60 with age and service equaling 90 (e.g., age 60 with at least 30 years of service credit)
|Earliest reduced retirement eligibility||VRS: Age 55 with at least five years of service credit or age 50 with at least 10 years of service credit|
VaLORS (Law Enforcement) Hazardous Duty Members: Age 50 with at least five years of service credit
|VRS: Age 60 with at least five years of service credit
|Cost-of-Living Adjustment (COLA) (effective July 1 following the first full calendar year after retirement)||Matches first 3 percent increase in the Consumer Price Index-Urban and one-half of the remaining increase up to a maximum of 5 percent, when provided||Matches first 2 percent increase in the Consumer Price Index-Urban and one-half of the remaining increase up to a maximum of 6 percent, when provided|
Retirement Program Summary Information
MCRP Vendor Links
MCRP Enrollment Forms
VRS Customer Service - 1.888.827.3847
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