Your Retirement Benefits

Saving for Retirement

UVA's retirement plans help you build your savings for the future to live comfortably after retirement. All benefited employees (except Housestaff) will participate in a mandatory retirement plan. Your employment status determines your eligibility to enroll in one of three core retirement plans: the Virginia Retirement System (VRS), Optional Retirement Plan (ORP), or Medical Center Retirement Program (MCRP). Through these plans, you also receive benefits like life insurance and disability coverage.

In addition, you may choose to enroll in supplemental, voluntary retirement savings plans such as a 403(b) or 457.

Resources to prepare for retirement at all life stages Listen to the Retirement Podcast on VRS, ORP, and UVA's 403b Transcript of Retirement Podcast

Your Retirement Plan

Your retirement plan eligibility depends on two main factors: your employee type and the date you were hired. Some employees may have a choice between two different plans. Your choice is important, as it is irrevocable and also determines your coverage for disability, life insurance, and AD&D (accidental death and dismemberment). You have 60 days from your date of hire to select a retirement plan. If you do not select a plan, you will be defaulted into a plan. The default plan for academic employees is VRS. The default plan for UVA health employees is the MCRP. If you have a choice between the ORP and VRS Hybrid, please see the side-by-side comparison under "Resources" on the right side of this page.

Virginia Retirement System (VRS)

You are eligible to enroll in VRS if you are: University Staff, Faculty, Classified Staff, Research Associate, or Research Scientist. Medical Center Team members who previously participated in the VRS Plan 1 or Plan 2 and did not take a refund may have an option to choose between VRS plan 1 or 2 and the MCRP. Medical center team members are not permitted to be in VRS Hybrid. *Previous participants of VRS Plan 1 or 2 enrolled in these plans due to hazardous duty only, who would normally only be eligible for VRS Hybrid, are only eligible for the MCRP.

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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 Associate, or Research Scientist. Your choice between VRS and ORP is irrevocable, 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.

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Medical Center Retirement Program (MCRP)

This program is available to Medical Center employees only.

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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 but are not eligible for an employer match.

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Meet with your Retirement Vendor

Whether you are just starting out, mid-career, or approaching retirement, a meeting with a representative from your retirement vendor will help you to review your savings and stay on track to meet your goals.

Retirement planning sessions with TIAA, Fidelity, Mission Square, and VRS:

To learn how to make the most of your appointment, watch this video developed by TIAA (transcript of the video is here).

Your Retirement Benefits

Your Retirement Plan

Virginia Retirement System (VRS)

Optional Retirement Plan (ORP)

Medical Center Retirement Program (MCRP)

403(b) and 457 Supplemental Savings Plans

Meet with your Retirement Vendor