Optional Retirement Plan for Higher Education - Plan 2
Qualified employees of Virginia’s public colleges and universities have the option to participate in the VRS Optional Retirement Plan for Higher Education 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.
If you are a new employee eligible to select this plan, please read Choosing Your Retirement Plan 339kb carefully before making your selection.
- 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.