What is the difference between VRS and ORP retirement plans?
A. The features of the two plans are highlighted below.: Optional Retirement Plan (ORP) – Defined contribution Plan – Benefit at retirement is based on contributions, net investment earnings/losses and age (length of time your benefits will be paid). Currently 10.4% of your salary goes into an account on your behalf. (rate is reviewed every 6 years). Immediate vesting. Portability: Continued participation if employed at Virginia’s public college and universities participating in the plan. ORP participation must continue if you transfer to a Virginia public college or university that sponsor’s its own ORP. If you leave public employment in Virginia your account balance may be rolled over to a subsequent employer’s qualified plan or IRA to defer taxes. Please note: If you leave public employment you may also choose to withdraw the account balance (currently 10.4% of your salary is being contributed on your behalf). If you decide to withdraw the monies, please be aware the your distributi
