Optional Retirement Plan

The Optional Retirement Plan (ORP) is a defined contribution plan in which eligible VCU faculty, eligible University and Academic Professionals, and Postdoctoral Scholar employees may elect to participate in lieu of participating in the Virginia Retirement System (VRS). The university makes a contribution equal to a specified percentage of creditable compensation for ORP participants. The applicable percentage of VCU's contribution depends on the participant's state hire date, as indicated below:

• June 30, 2010 or earlier: 10.4 percent
• July 1, 2010 or later with service credit prior to July 1, 2010: 10.4 percent
• July 1, 2010 or later without service credit prior to July 1, 2010: 8.5 percent   

In addition, participants hired or rehired July 1, 2010 or later without service credit prior to that date, make mandatory contributions of five percent of their semi-monthly salaries to their ORP retirement account. VCU is the plan sponsor for the ORP. As a part of its fiduciary responsibilities, the university established an investment committee (PDF) of faculty, staff, and senior administrators who review the investment companies and administer the plan and the investment options offered. The committee conducts an annual review of the plan and the investment options, based on the VCU ORP Investment Policy Statement (PDF). The participant selects from one of two providers and decides which of the investment products to use. The retirement benefit is based on contributions plus investment gains or losses, with the total risk borne by the participant. ORP participants may contact their vendors to change investment selections at any time throughout the year. 

For more information about the plan, view the Optional Retirement Plan (PDF). For assistance with accessing these documents, please contact VCU Human Resources. View the Optional Retirement Plan (ORP) video for more details.