退休 & Financial Stability

Virginia 退休 System

VRS administers the defined benefit, defined contribution and hybrid plans for Virginia’s public sector employees. Participation in a retirement plan is mandatory for all full and part-time salaried employees. All classified employees are automatically enrolled in VRS方案1, VRS方案二 or the VRS混合方案. Newly hired 教师 employees must elect participation in VRS or the Optional 退休 Plan (ORP) within 60 calendar days of hire. 退休 plans include VRS方案1, VRS方案二, VRS Hybrid and the Optional 退休 Plan (ORP).

You are in Plan 1 if your membership date is before July 1, 2010, and you were vested (had at least five years of creditable service) as of January 1, 2013. See details of your retirement benefits as a Plan 1 member here.

You are covered under Plan 2 if your membership date is from July 1, 2010 to December 31, 2013. 另外, you are covered under Plan 2 if you have a membership date prior to July 1, 2010 but you were not vested before January 1, 2013 See details of your retirement benefits as a Plan 2 member here.

You are covered under the VRS Hybrid 退休 Plan if your membership date is on or after January 1, 2014 and you are a 教师 employee who elected the Hybrid 退休 Plan instead of an Optional 退休 Plan (ORP) administered by VRS. See details of your retirement benefits as a VRS混合方案 member here.

Optional 退休 Plan

The Optional 退休 Plan for Higher Education (ORPHE) is sponsored by the Virginia 退休 System and is available to salaried 教师 employees only. You are in the ORP Plan 1 if your retirement plan coverage date is before July 1, 2010. You are in the ORP Plan 2 if your retirement plan coverage date is July 1, 2010 or later. See details of your retirement benefits as an ORP participant here.

Voluntary 退休 Savings Plans

The Commonwealth of Virginia’s 457 Deferred Compensation Plan can help 皇冠博彩 employees save additionally towards retirement. Participants may enroll at any time and make contributions on a before or after tax basis up to the IRS established annual maximum. Participation is voluntary and may begin at any time during employment. The plan is administered by ICMA-RC. Full plan details and enrollment information can be found here.

皇冠博彩 offers its employees the ability to enroll in and make contributions to the 403-b plan. The 403-b plan is a voluntary retirement savings plan for specific employees of public schools and other tax-exempt organizations. Participating employees may make contributions up to the IRS established annual maximums on a before or after tax basis through payroll deduction. The College offers enrollment through three vendors: VALIC, TIAA and MetLife. Enrollment may begin at any time during employment. 联系 a Benefits Team representative at benefits@wyqrb.com for additional details.