Optional Retirement Plan for School Superintendents

If a school board chooses to make an optional retirement plan available, the school superintendent has the option to participate in the VRS Optional Retirement Plan for School Superintendents rather than the VRS Defined Benefit Plan. Under the Optional Retirement Plan, your retirement benefit is based on contributions and the investment gains and losses on those contributions. Generally, this type of plan is more portable than the defined benefit plan.

New employees eligible to select this plan should be encouraged to read Choosing Your Retirement Plan for School Superintendents 83kb carefully before making their selection.

ORP Benefits

Contributions to the ORP are separate from and do not affect the level of contributions you may make to the Commonwealth of Virginia Deferred Compensation Plan or a 403(b) tax-deferred account.
You pay federal and state income taxes only when you receive the money from your account.
Account balances are immediately vested.