Benefits

Faculty Retirement

Full-time and part-time (50% or greater) faculty may choose between the VCU Optional Retirement Plan (ORP) or the Virginia Retirement System (VRS) for their retirement plan.  This decision must be made within 60 days of employment or participation in a retirement plan will default automatically to the Virginia Retirement System (VRS). 

VCU Optional Retirement Plan

Virginia Retirement System (VRS)

The Virginia Retirement System (VRS) is a define benefit plan.  VRS participants are eligible to retire with full benefits at age 65 with at least five years of service or as early as age 50 with 30 years of service. A reduced benefit is available at age 50 with 10 years of service or at age 55 with five years of service. 

The retirement amount is based on: 

• average final compensation (average of highest 36 consecutive months of salary);
• years of service; and
• age at retirement. 

Each year, VRS members receive Member Benefit Profiles indicating total contributions and interest in their accounts, including service credits. 

If you need further assistance with your retirement benefits, please contact a Human Resource Generalist at hrgen@vcu.edu. 

Individual Counseling Sessions

Dates for individual counseling sessions with vendors for the Optional Retirement Plan (ORP), Tax-Deferred Annuity (TDA) and Deferred Compensation Plan (DCP).

Pre-Retirement Planning

When planning for your retirement, there are many things to think about.  Retirement income, health and life insurance are just some of the subjects to consider.   More

Glossary

   Defined Contribution Plan:  A qualified retirement plan in which the institution makes a specific pre-determined retirement contribution (10.4 percent 
   of salary) to the faculty member’s individual retirement account. The faculty member receives benefits based strictly on the total sum of contributions
   and investment returns. 

   The ORP is a defined contribution plan.

   
   Defined Benefit Plan:  A qualified retirement plan in which the plan assets accrue investment earnings in a centralized plan rather than allocating them
   to individual member accounts. The actual amount of a faculty member’s retirement benefit is determined by using a specified formula that considers 
   age, length of service, and highest salary. 

   The VRS is a defined benefit plan.

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