UVA_HRRetirement Elections for New Hires
Timeline
Make your retirement election within 60 days after your date of hire. Make your election in Workday.
How to Make Elections in Workday
Based on your retirement plan eligibility, you may need to complete the VRS-65 form within 60 days from the date you are first employed in a position eligible for the Optional Retirement Plan (ORP). If you are eligible, you'll receive the VRS-65 DocuSign link as a task in your Workday inbox.
For step-by-step instructions on making your health plan elections in Workday, please see the video below:
Optional Life Insurance and Supplemental Retirement:
For full details on retirement plans, view the link below:
UVA Retirement PlansEmployee Types
Your employee type determines which retirement plan options are available to you. Please select your employee type below for more details.
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Medical Center Team Member
Plan Options Available to You
Medical Center Retirement Program (MCRP)
- Medical Center team members who were previously enrolled in VRS Plan 1 or Plan 2 may be eligible to enroll in VRS. To do so, please complete a VRS-65 form.
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 and temp and wage employees may also enroll in a supplemental savings plan.
How Does MCRP Work?
MCRP is a defined contribution plan based on tax-deferred accumulations (taxes are paid later, during retirement). UVA contributes a percentage of your annual compensation. In addition, UVA will match a percentage of your voluntary contributions to a supplemental savings plan. You will have to set up a 403(b) or 457 plan to receive the match.
Contributions
- UVA contributes 4% of your annual compensation.
- You can contribute up to 4% of your pay, and UVA will match up to 50% when you set up at least one 403(b) or 457 retirement savings plan.
- You are 50% vested right away, and 100% vested after 24 months of continuous service.
- If no vendor is elected within 60 days, you will be auto-enrolled with Fidelity as your retirement vendor.
Resources to Help You Choose the Best Plan for You
TIAA: 800.842.2252
Fidelity: 800.343.0860
Resources to Help You Make the Election in Workday
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Academic Division Employee
Plan Options Available to You
Virginia Retirement System (VRS)
Optional Retirement Plan (ORP)
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 and temp and wage employees may also enroll in a supplemental savings plan.
For faculty and managerial and professional university staff, if you don’t elect your retirement within 60 days, you will be auto-enrolled into the VRS.
VRS Plan 1 and VRS Plan 2 are defined benefits plans, while the VRS Hybrid Retirement Plan has defined benefit and defined contribution components. Retirement benefits are based on age, creditable service, and average final compensation at retirement.
Detailed Plan Comparison Guide
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.)
ORP Plan 2
- You contribute 5%.
- UVA contributes 8.9%.
Vesting
Vesting is the minimum length of service you need to be eligible to withdraw employer contributions from a retirement plan. 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.
Resources to Help You Choose the Best Plan for You
TIAA: 800.842.2252
Fidelity: 800.343.0860
Resources to Help You Make the Election in Workday