|Virginia Retirement System||http://www.varetire.org|
- Employees are allowed to select either VRS, a defined benefit plan, or Optional Retirement Plan (ORP), a defined contribution plan.
- An employee contributes 5% of his/her compensation to his / her VRS or ORP account.
- If an A/P faculty member elects to participate in an Optional Retirement Plan, the University contributes an additional 8.5% of an employee’s compensation.
- If the employee has an inactive VRS account with prior credited VRS or ORP Service of 60+ months and elects to participate in an Optional Retirement Plan, s/he may qualify for Plan 1 participation in which the University contributes 10.4% of an employee’s compensation into an account in their name with the provider you select.
An employee should contact the Office of Human Resources at least six (6) months in advance of his/her retirement date.