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Does VRS offer a defined contribution plan?

April 26, 2017contribution defined Offer Plan VRS

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Does VRS offer a defined contribution plan?

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VRS administers several defined contribution plans, including the Optional Retirement Plan for Political Appointees (ORPPA), the Optional Retirement Plan for School Superintendents (ORPSS) and the Optional Retirement Plan for Higher Education (ORPHE). Under a defined contribution plan, the benefit is based on the plan account balance, which includes contributions paid into the plan and investment earnings. Vesting in these plans is immediate. If you are eligible to participate in an optional retirement plan, you will choose either the optional retirement plan or the VRS defined benefit plan upon employment. This election is irrevocable. VRS also administers the Virginia Supplemental Retirement Plan (VSRP) for select school employees as a supplement to the VRS defined benefit plan.