UVA's retirement plans help ensure you have enough income to live comfortably after you retire. Depending on your employment status, you have the option to enroll in the Virginia Retirement System (VRS), Optional Retirement Plan (ORP), or Medical Center Retirement Program (MCRP). Through these programs, you also get benefits like life insurance, disability coverage, long-term care benefits, and survivor benefits.
Just like getting an annual physical, it is a good idea to also check your benefits annually. You can do this by navigating to Workday and checking to make sure the benefits you previously selected continue to meet the needs of you and/or your family.
While your initial retirement plan is established when you first begin your career at UVA, additional investment and retirement benefit options can be modified throughout the year, not just during Open Enrollment.
The pages listed below for VRS, ORP, MCRP, and 403(b)/457 plans will take you outside of the Open Enrollment suite of webpages. To navigate back to the Open Enrollment site, use your back arrow, or enter hr.virginia.edu/oe2021 in your browser.
Saving for Retirement
Supplemental savings plans 403(b) and 457 allow you to invest additional money pre-tax or after-tax. They are also available to some employees who may not have a retirement plan through VRS, ORP, or MCRP.
This video explains VRS, ORP, and supplemental savings plans.