The Optional Retirement Plan (ORP) is a defined contribution plan in which eligible VCU faculty and eligible University and Academic Professionals may elect to participate in lieu of participating in the Virginia Retirement System (VRS). The university makes a contribution equal to a specified percentage of creditable compensation for ORP participants. The applicable percentage of VCU's contribution depends on the participant's hire date, as indicated below:
In addition, participants hired or rehired July 1, 2010 or later without service credit prior to that date, make mandatory contributions of five percent of their semi-monthly salaries to their ORP retirement account. VCU is the plan sponsor for the ORP. As a part of its fiduciary responsibilities, the university established an investment committee of faculty and senior administrators who review the investment companies and administer the plan and the investment options offered. The committee conducts an annual review of the plan and the investment options, based on the VCU ORP Investment Policy Statement (IPS). The participant selects from one of two providers and decides which of the investment products to use. The retirement benefit is based on contributions plus investment gains or losses, with the total risk borne by the participant. ORP participants may contact their vendors to change investment selections at any time throughout the year.
For more information about the plan, view the Optional Retirement Plan Document (PDF). For assistance with accessing these documents, please contact VCU Human Resources. View the Optional Retirement Plan (ORP) video for more details.
You can contribute to more of the vendor funds through the university's Tax-Deferred Annuity (TDA) program.
VCU bears the fiduciary responsibility for the ORP; it is a retirement benefit provided through the university with funding from state dollars. The TDA is a benefit that is funded with the individual's dollars; the participant bears the risk of the investments.
Newly eligible for the ORP? To enroll, complete an Election of retirement plan form, and return the form to VCU Human Resources within 60 days of entering your first ORP-eligible position, and enroll online with your selected account provider. Below are links to the enrollment sites:
Periodically, VCU Human Resources invites the vendors on campus to review their investment products and provide individual retirement counseling sessions. Additional resources include:
Education, Tools, and Resources: