Retirement
The Virginia Retirement System administers a defined benefit plan.
Full-Time Classified Employees
Classified employees are automatically enrolled in the Virginia Retirement System. You are covered under the provisions of the VRS Plan 1 if your membership date is before July 1, 2010. You may be either an active or deferred member. You are an active member if you are currently working in a covered position. You are a deferred member if you are not currently working in a covered position but have not withdrawn your funds and have service credit in VRS, or an account balance as of June 30, 2010. If you are a deferred member and return to covered employment, you will be rehired under Plan 1.
You are covered under the provisions of the VRS Plan 2 if your membership date is July 1, 2010, or later. If you were previously employed in a covered position and withdrew your funds, you will be rehired under Plan 2. If you return to covered employment with no service credit in VRS or no account balance you will be in Plan 2.
Highlights of VRS Plan 1 and Plan 2 Provisions
Full-Time FacultyYou are covered under the provisions of the VRS Plan 1 if your membership date is before July 1, 2010. You may be either an active or deferred member. You are an active member if you are currently working in a covered position. You are a deferred member if you are not currently working in a covered position but have not withdrawn your funds and have service credit in VRS or an account balance as of June 30, 2010. If you are a deferred member and return to covered employment, you will be rehired under Plan 1.
You are covered under the provisions of the VRS Plan 2 if your membership date is July 1, 2010, or later. If you were previously employed in a covered position and withdrew your funds, you will be rehired under Plan 2. If you return to covered employment with no service credit in VRS or no account balance you will be in Plan 2.
Highlights of VRS Plan 1 and Plan 2 Provisions
The Optional Retirement Plan (ORP) for Higher Education refers to a defined contribution plan that faculty may select for their retirement choice in lieu of the VRS. Faculty may choose one of two ORP plans. Faculty whose membership date is before July 1, 2010, and elected an ORP will be covered under the provisions of Optional Retirement Plan 1. Faculty may be active or deferred. Active faculty are currently working in a covered position. Deferred faculty are not currently working in a covered position but have not withdrawn their funds and have an account balance in a Virginia Optional Retirement Plan (ORP) as of June 30, 2010. Deferred members who return to covered employment will be rehired under Plan 1.
Faculty whose membership date is July 1, 2010 or later are covered under the provisions of the Optional Retirement Plan 2. Faculty who were previously employed in a covered position and withdrew their funds will be rehired under Plan 2.
New ffaculty have 60 days from the date of hire to enroll in their chosen plan.
Highlights of ORP Plan 1 and Plan 2
Tax Sheltered Annuity Program 403(b)
The Tax Sheltered Annuity Program is a supplemental retirement plan. The University is associated with several 403(b) providers. If you choose to enroll in a plan, you may contribute a total of $17,000 of your annual salary (if you are less than 50 years old), or $22,500 (if you are 50 years older or older) to one or more of these 403(b) plans. Your contribution is not federal or state taxed until withdrawals are made. You may enroll at any time and once enrolled, may change your deferral election at any time.
Approved Providers:
TIAA-CREF 202-637-6834 or 1-800-842-2008
Maria A. Kersey
Lincoln Financial Group 757-873-3331
George Richards and Sharon Ryan
Metlife 757-312-0620
Brooke Larson
Cheri Coleman
403b Forms
Salary Reduction Agreement for Tax Sheltered Annuity Form
State Deferred Compensation Program (457)
The Commonwealth of Virginia offers an additional opportunity for you to contribute to a supplemental retirement plan. This Deferred Compensation Plan allows you the opportunity to contribute a total of $16,500 of your annual salary (if you are less than 50 years old), or $22,000 (if you are 50 years older or older) to one or more of these 403(b) plans. Your contribution is not federal or state taxed until withdrawals are made. For further information regarding the 457 Plan contact Mackenzie Moss, Phone: 1-VRS-DC-Plan1 or Cell: 757-951-7885.
State Cash Match Program (401a)
If you contribute to either a tax-sheltered annuity or the deferred compensation plan, the Commonwealth of Virginia, as part of the State Cash Match Program (401a) will match 50% of your contribution up to a maximum of $10 per pay period. The match will apply to either the provider you have chosen from the 403b approved Providers, or the State Deferred Compensation Program.
