VCU Optional Retirement Plan (ORP)

The Optional Retirement Plan (ORP) is a defined contribution plan in which eligible VCU faculty may elect to participate in lieu of participating in the Virginia Retirement System (VRS) defined benefit plan (see the glossary of terms under retirement). 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 faculty member's hire date, as indicated below:

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

In addition, faculty hired or rehired July 1, 2010 or later, and without prior service credit, 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 a VCU Investment Committee of faculty 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 (IPS). The faculty member 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 faculty member. ORP faculty may contact their vendors to change investment selections at any time throughout the year. However, they may change between approved VCU ORP vendors only during the annual open enrollment period.

For more information about the plan, view the Optional Retirement Plan Document (PDF).

Approved vendors
Approved ORP and cash match funds
What if I want to invest in funds that are not approved for the ORP?
Why can't I invest in all vendor funds through ORP?
ORP enrollment (time sensitive)
How do I change ORP allocations with my vendor?
Where can I get retirement counseling or education?
VCU Investment Committee meeting minutes