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VCU Faculty Optional Retirement Plan (ORP)
ORP Background FAQs
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. The University makes a contribution of 10.4% of creditable compensation for ORP participants. 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 VCU Investment 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 only change between approved VCU ORP vendors during the open enrollment period.For all the details about the VCU ORP, please review the links listed to the right.
See also Performance of Approved Funds
What happens if you want to invest in funds that are not approved for the ORP?
You can contribute to more of the vendor funds through the University's Tax-Deferred Annuity (TDA) program.
Why can't you invest in all of the vendor funds through the ORP?
The University 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.
For New Faculty Hires: Enroll On-Line in the ORP! To enroll, you must (1) complete an Election to Participate in the Optional Retirement Plan (VRS-65) form with VCU Human Resources and (2) enroll on-line with the appropriate vendor within 60 days of your employment date. Below are links to the vendor enrollment sites:
To enroll in TIAA-CREF, click here.
When the TIAA-CREF site prompts you for an access code, use VA100940.
To enroll in Fidelity, click here. See Enrollment Instructions for Fidelity.
When the Fidelity site prompts you for a plan ID, use 73048.
How do I change allocations with my vendor?
You can change funds (allocations) within your vendor at any time.
If your ORP vendor is TIAA-CREF - to change your allocations:
- Go to www.tiaa-cref.org/vcu or
- Call 1-800-842-2776.
If your ORP vendor is Fidelity - to change your allocations:
- Go to netbenefits.fidelity.com and click on "Access My Benefits" or
- Call 1-800-343-0860.
When are individual counseling sessions with the approved vendors?
Department of Labor Investment Education
VCU Investment Committee Meeting Minutes
Mailing address: Virginia Commonwealth University | Human Resources - Benefits Administration
Human Resources Building, 104 North Belvidere Street, P.O. Box 842511 | Richmond, VA USA 23284-2511
Phone: (804) 827-1770 (Voice) | (800) 828-1120 (TDD) | Fax: (804) 828-0321 | Email: benefits@vcu.edu
This page is maintained by the VCU Human Resources web team | Revised: May 19, 2008
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