The Optional Retirement Plan

Optional Retirement Plan (ORP)

COVID-19 Communications:

Effective March 16, 2020, all in-person retirement planning sessions with TIAA, Fidelity, ICMA and VRS that were scheduled for UVA offices have been canceled or rescheduled to a virtual meeting.  You will be contacted by the appropriate vendor retirement consultant with more information.  Future appointments are still available through the signup links below and will be held virtually until further notice.

Please visit the HR COVID-19 webpages for additional HR information related to the coronavirus, health, and retirement.

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

UVA partners with TIAA and Fidelity Investments to offer a robust retirement plan so you can save for your future. When you enroll in ORP, you also have short- and long-term disability, and life insurance with The Standard.

Get the Most from ORP Membership

  1. Choose from either TIAA or Fidelity Investments. Discover resources and representatives to help you choose your plan. Set up a consultation or attend a seminar right here at UVA.

  2. Contact TIAA, log in to your account, and more

    Account login 
    Consultations/Seminars
    800.842.2252

  1. Contact Fidelity, log in to your account, and more

    Account log-in
    Consultations/Seminars
    800.343.0860

  2. ORP Summary

    Optional Retirement Plan Summary

Enroll in ORP

Learn more about who is eligible and how to enroll. As a reminder, the choice you make between enrolling in VRS and ORP 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.

  • Who is eligible?

    ORP is available to the following employee types:

    • University Staff Managerial & Professional
    • University Staff Executive
    • Faculty
    • Professional Research Staff

    If hired on or after 7/1/10, you can enroll in ORP Plan 2.

    You can stay in ORP Plan 1 if you were hired before 7/1/10 and have not taken a refund - as long as you have documentation of the most recent statement (or a current statement proving your account balance).

  • How do I enroll?

    • For new hires only, navigate to Workday>Inbox and follow the instructions for your new hire enrollment action

    • Select specific investments from either TIAA or Fidelity (you must make a specific fund choice, or be placed into the default investment plan)

    • Complete the VRS-65: Optional Retirement Plan for Higher Education form and return it to the HR Solution Center

How does ORP work?

ORP is a defined contribution plan based on tax-deferred accumulations (meaning taxes are paid later, during retirement). UVA contributes a percentage of your annual compensation to your account. If you have ORP Plan 2, you also make a contribution.

With ORP, you have more control over your account. You choose how contributions will be invested, and the amount of your benefit depends on net investment earnings. (However, this also means you bear the investment risk.)

Optional Retirement Plan (ORP) Summary 

Saving for Retirement video

 

 

 

 

 

 

 

 

 

 

 

 

This video explains VRS, ORP, and supplemental savings plans.

  • ORP Plan 2

    For employees hired on or after July 1, 2010:

    • You contribute 5%.
    • UVA contributes 8.9%.
    • At retirement, you can start receiving distributions from the balance, reflecting the contributions, investment gains or losses, and required fees.

  • Vesting

    Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan. If you were hired on or after 7/1/14, you are fully vested after two years of continuous employment.

    Previous service does not count toward the 2-year requirement. For example, if you transitioned from an Operational & Administrative position to Managerial & Professional, or from the UVA Medical Center to the Academic Division, you might be newly eligible for ORP. Your service toward the 2-year requirement starts when you enroll in ORP.

    If you leave UVA before you are vested, you will only have access to the 5% contribution you made - not contributions made by UVA.

    If you were hired between 7/1/10 and 7/1/14, you are fully vested from the start to receive all money UVA contributes.

  • ORP Plan 1

    For employees hired before 7/1/10, who did not take a refund:

    • UVA contributes 10.4%.
    • You are not required to invest your own money.
    • You are fully vested from the start to receive all money UVA contributes.

  • Can I receive retirement annuities?

    You may not receive a retirement annuity while UVA is making contributions to your account. If you are receiving a retirement annuity from any Commonwealth of Virginia agency, please contact UVA HR.

Learn More about Your Retirement Options

  • Virginia Retirement System (VRS)

    This option is available to full- or part-time University Staff, Faculty, Classified Staff, Research Associates, and Research Scientists. Medical Center team members who were previously enrolled in VRS Plan 1 or Plan 2 may be eligible to enroll in VRS.

    Learn More

  • 403(b) and 457 Supplemental Savings Plans

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

    Learn More