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Optional Retirement Plan for Political Appointees

Qualified political appointees have the option to participate in the VRS Optional Retirement Plan for Political Appointees 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 Political Appointees 59kb 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.
• You pay federal and state income taxes only when you receive the money from your account.
• Account balances are immediately vested.

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Last Modified: 8/10/2007 9:16:22 AM    © Copyright Virginia Retirement System - 2008