Optional Retirement Plan (ORP)

ORP is available to the following employee types:

• University Staff Managerial & Professional
• University Staff Executive
• Faculty
• Professional Research Staff

If hired on or after 7/1/10, you can enroll in ORP Plan 2.

You can stay in ORP Plan 1 if you were hired before 7/1/10 and have not taken a refund - as long as you have documentation of the most recent statement (or a current statement proving your account balance).

• For new hires only, navigate to Workday>Inbox and follow the instructions for your new hire enrollment action

• Select specific investments from either TIAA or Fidelity (you must make a specific fund choice, or be placed into the default investment plan)

• Complete the VRS-65: Optional Retirement Plan for Higher Education form and return it to the HR Solution Center

For employees hired on or after July 1, 2010:

• You contribute 5%.
• UVA contributes 8.9%.

Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan. If you were hired on or after 7/1/14, you are fully vested after two years of continuous employment.

Service when a direct transfer, without a break in service from the MCRP, will count towards the 2-year ORP vesting requirement. Previous service in a VRS plan does not count toward the 2-year requirement.

If you leave UVA before you are vested, you will only have access to the 5% contribution you made - not contributions made by UVA.

If you were hired between 7/1/10 and 7/1/14, you are fully vested from the start to receive all money UVA contributes.

For employees hired before 7/1/10, who did not take a refund:

• UVA contributes 10.4%.
• You are not required to invest your own money.
• You are fully vested from the start to receive all money UVA contributes.

You may not receive a retirement annuity while UVA is making contributions to your account. If you are receiving a retirement annuity from any Commonwealth of Virginia agency, please contact UVA HR.