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.
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.
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.
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.
Medical Center Retirement Program (MCRP)
This program is available to Medical Center employees only.
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.
Retiree Health Benefits
Retirees have the option to enroll in the Retiree Health Benefits Program. This program allows you to enroll in a UVA Health Plan until you become eligible for Medicare, or to supplement your Medicare with a secondary insurance plan, either Advantage 65 or Advantage 65 – Medical Only.
Please contact the HR Solution Center at 434.243.3344 for additional information.