Planning for Retirement

Retirement

Open Enrollment is now closed. If you have questions about your benefits or would like to make changes to your benefits due to a qualified life event, please contact the HR Solution Center at AskHR@virginia.edu.

woman on phoneAll retirement planning sessions with TIAA, Fidelity, Mission Square (formerly ICMA) and VRS are available through the signup links below. You can choose to meet virtually or in-person. 

To learn how to make the most of your appointment, watch this video developed by TIAA. 

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

Anytime Changes: 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 403(b) and 457 allow you to invest additional money pre-tax or Roth after-tax. Open Enrollment is a great time to check in with your current retirement provider to review current holdings and retirement readiness, and to grow your knowledge about retirement options.

Contribution Limits: You can Defer up to $22,500 annually for retirement in a 403(b) and/or the Commonwealth of Virginia’s 457 in 2023, and the 2024 limits will be announced later in the Fall; check back on the 403(b)/457 webpage for that update. If you are 50+ years of age, you may save an additional $7,500. That amount will also be updated for 2024 later in the Fall. 

Cash Match: Get a cash match from UVA of up to 50% if you are in VRS, ORP, or MCRP, to a monthly maximum of $40 (ex.: save $80 / month to receive a maximum $40 match). Visit the VRS, ORP, or MCRP retirement pages to learn how you may be eligible to receive a cash match from UVA.

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/oe2024 in your browser.

Saving for Retirement

Supplemental savings plans 403(b) and 457 allow you to invest additional money pre- or post-tax. They are also available to most employees who may not have a retirement plan through VRS, ORP, or MCRP. 

If you participate in the ORP, MCRP, or VRS plan, you are eligible for a cash match from UVA when you enroll in a 403(b) or 457 savings plan. Learn more, and read detailed instructions on enrolling in a 403(b) plan on the 403(b)/457 webpage. 

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

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
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

Having trouble finding what you’re looking for?

We strive to make the information on every webpage clear and easy to find. For benefits questions or concerns, or questions about Open Enrollment, please contact the HR Solution Center by phone at 434.243.3344, or by email at AskHR@virginia.edu.

Please let the HR Communications team know if you're having trouble finding what you're looking for on these webpages, so we can improve your experience on this page in the future. 

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

 

*Note for Postdoctoral Fellows: The Open Enrollment process for all Postdoctoral Fellows (non-UVA employees) is managed through UVA Human Resources. For additional information specific to Postdoctoral Fellows, contact Corinne Clasbey or Rachel Short.