VCU Optional Retirement Plan (ORP)
The Optional Retirement Plan (ORP) is a defined contribution plan in which eligible VCU faculty and eligible University and Academic Professionals 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 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 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 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. However, they may change between approved VCU ORP vendors only during the annual open enrollment period.
See also Performance of Approved Funds (as of December 31, 2018).
For information on approved funds visit the TIAA page.
For information on approved funs visit the Fidelity page.
For fund codes and related information, see:
You can contribute to more of the vendor funds through the university's Tax-Deferred Annuity (TDA) program.
VCU bears the fiduciary responsibility for the ORP; it is a retirement benefit provided through the university with funding from state dollars. The TDA is a benefit that is funded with the individual's dollars; the participant bears the risk of the investments.
Newly eligible for the ORP? To enroll, complete an Election of Retirement Plan, and return the form to VCU Human Resources within 60 days of entering your first ORP-eligible position, and enroll online with your selected account provider. Below are links to the enrollment sites:
- TIAA enrollment
When the TIAA site prompts you for an access code, use VCUFAC.
- Fidelity enrollment
When the Fidelity site prompts you for a plan ID, use 73048.
For current participants:
Open enrollment for the Optional Retirement Plan (ORP)
February 1-28, 2019 is this year's ORP open enrollment period, which means you can change your account provider for future ORP contributions between VCU's approved ORP providers – TIAA and Fidelity – by completing and returning to VCU Human Resources the ORP account provider change form (search under VCU HR forms).
Important: If you do not already have a VCU ORP account with the account provider you are selecting, follow the enrollment instructions on the ORP page on how to set up an account. Changes made during ORP open enrollment become effective March 1, 2019 and will be reflected in your pay stub documentation (in eServices/VCU Self Service) beginning March 15, 2019.
Note to current participants: If you take no action during this year's open enrollment, your current account provider will stay the same for 2019. Your next opportunity to change your ORP account provider will be during next year's annual open enrollment. Of course, you can always change asset allocations account provider at any time.
Periodically, VCU Human Resources invites the vendors on campus to review their investment products and provide individual retirement counseling sessions. Additional resources include:
Education, Tools, and Resources: