Planning for Retirement

Retirement


Open Enrollment for plan year 2022 is now closed. Please contact the HR Solution Center if you have questions about the Open Enrollment process.


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.

Takeaways

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.

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.

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/oe2022 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.

 

Listen to the Retirement Podcast on VRS, ORP, and UVA's 403b Retirement Podcast Transcrip

Choosing a Plan

There are two main factors that determine which retirement plans you are eligible for: your employment type (stated in your offer letter), and your hire date. Your choice is important, as it is permanent and affects coverage for disability, accidental death and dismemberment (AD&D), and life insurance. You have 60 days from your date of hire to select a retirement plan, otherwise you will be enrolled in VRS. View the ORP and VRS Side-by-Side Comparison under "Resources" on the right-hand column of this page.

  • Virginia Retirement System (VRS)

    You are eligible to enroll in VRS if you are: - University Staff - Faculty - Classified Staff - Research Associates - Research Scientists Medical Center Team members who previously participated in the VRS Plan 1 or Plan 2 may choose VRS over MCRP by filling out a VRS-65 form.

    Learn More
  • Optional Retirement Plan (ORP)

    You have the option to enroll in either VRS or ORP if you are: - University Staff Managerial & Professional - University Staff Executive - Faculty - Research Associates - Research Scientists Your choice between VRS and ORP is permanent, affecting coverage for disability, accidental death and dismemberment (AD&D), and life insurance. You have 60 days from your date of hire to select a retirement plan - otherwise you will be enrolled automatically in VRS.

    Learn More
  • Medical Center Retirement Program (MCRP)

    This program is available to Medical Center employees only.

    Learn More
  • 403(b) and 457 Supplemental Savings Plans

    If you are eligible for one of the retirement plans above, you may also have a supplemental savings plan. Housestaff, temps, and wage employees may also enroll in a supplemental savings plan.

    Learn More

Please contact the HR Solution Center at 434.243.3344 for additional information.

 

I think UVA HR did a good job this year with the timing, amount and frequency of information messages sent out. Christina Deane, Manager, Digital Production Group, UVA Library

Enroll in Workday

  • To review and elect your benefits in Workday

    Please see the video below on the new Benefits Tiles system in Workday, which will apply both for Open Enrollment and for all benefits changes throughout the year. 

    A summary of how to review and elect your benefits in Workday is below:

    • Navigate to Workday.
    • In your Workday Inbox, click on the message titled "Open Enrollment Change: [Your Name] on 01/01/2022"; click on "Let's Get Started."
    • Open Enrollment in Workday this year is organized into "tiles" for each benefit; you will see two sections, one for Health Care and Accounts, and one for Insurance. Each section has multiple tiles. You will start with Health Care and Accounts.
    • You will have three edit options at the bottom of every tile:
      • Manage to make changes to a benefit you already have
      • Enroll to add a new benefit
      • View to see a benefit that is not editable in Workday (more on this further down)
    • Select a tile and choose the edit option for that tile.
    • Once you've selected or waived a benefit in the Health Care and Accounts section, click on Confirm and Continue -- this will take you to a separate window to select or waive eligible dependents for that benefit. Dependents previously enrolled who are eligible will show up automatically, you just need to select or waive each one of them.
    • Click Save to update the benefit tile. This does NOT submit your elections, it just saves the individual benefit tile details you've selected. 
    • Repeat the above process for all six Health Care and Accounts tiles.
    • One thing Workday doesn’t do in the new tile platform is give you a status update on which benefits you’ve touched. So, it would be a good idea to make a note as you complete them so you can track your progress.
    • Once you've completed the Health Care and Accounts section, move on to the Insurance section. You will see multiple tiles under Insurance.
    • Select a tile and choose the edit option for that tile.
    • Please note that some life insurance benefits are VIEWABLE in Workday but not changeable. Each of these tiles will direct you to where you need to go to make changes. Some of these changes may be outside of Workday.​
    • Once all your benefits have been reviewed and edited as needed, click on Review and Sign -- read the summary of what's you elected on that page, and attach any required documents such as birth certificate for new dependents.
    • Click on the I Accept box, then click on Submit to complete your Open Enrollment process.
    • Print this page or save it as a PDF.
    • Look for additional tasks in Workday for things such as spousal affidavits or HSA affidavits.​
  • If you Change Your Mind on an Open Enrollment Choice You Made and Open Enrollment Has Not Closed

    You can make changes to your elections as long as the Open Enrollment period is open, even after you have submitted your elections.

    1. From the Benefits app in Workday, click on Change Open Enrollment
    2. You will be making changes to what has been previously submitted. Any changes made will need to be resubmitted. If you do not resubmit, the changes will be deleted and the previous submission will remain in effect.
    3. Move through the same tiles to elect or waive coverage.
    4. Once changes are complete, electronically sign at the bottom of the last page and press the Submit button.
    5. Print the new confirmation of benefits elections.

Having trouble finding what you’re looking for?

We strive to make the information on every webpage clear and easy to find. Please let the HR Communications team know if you're having trouble finding what you're looking for, so we can improve your experience on this page in the future. 

For non-website questions or concerns about benefits and Open Enrollment, please contact the HR Solution Center by phone at 434.243.3344, or by email at AskHR@virginia.edu.

For previous Open Enrollment email communications, see the right sidebar box on this page labeled "Open Enrollment Emails."