Employer Update

New faculty members eligible to elect coverage under the Optional Retirement Plan for Higher Education (ORPHE) must choose their retirement plan within 60 days of their start date.

Once employers participating in the VRS ORPHE enroll employees in myVRS Navigator, VRS will send a letter instructing them to log into or create an account in myVRS to compare options and then choose a plan. Their retirement plan choice is irrevocable.

Employees can compare and select plans in myVRS: Faculty members who are eligible for the VRS ORPHE can compare plans in myVRS. They will see a choice of plans based on their start date. If they do not choose a plan within their election window, they will be covered by the Hybrid Retirement Plan or the applicable VRS defined benefit plan.

On the Compare Plans screen in myVRS, employees can evaluate features of VRS and ORPHE plans.

Employees can use the plan comparison calculator in myVRS to view their projected retirement income under VRS and ORPHE plans. They can adjust certain assumptions, such as salary or rate of return, to see how their projected income might change.

If electing an ORPHE plan, employees have a choice of two providers:

• DCP (record kept by MissionSquare Retirement with investment choices selected by VRS across a range of asset classes, risk levels and investment strategies)
• TIAA

Encourage ORPHE participants to compare provider options, including fees and expenses, before making their choice.

Once a plan election is made: Employers will receive daily secure notifications of employee elections. If you are not using the state's centralized payroll system for reporting contributions, you are encouraged to acknowledge each employee's election in myVRS Navigator, where you can then access a report of employee elections. Prompt acknowledgments help ensure contributions begin in a timely manner in step with payroll deductions.

The following resources will guide you through the ORP-election process:

• Refer to the Enroll and Maintain Employees chapterof the VRS Employer Manual.
• Access the Navigator Enroll and Maintain Employees e-course in the Commonwealth of Virginia Learning Center (COVLC). A login is required to access materials in COVLC. If you do not have login credentials, send an email to externalVLC@varetire.org requesting registration. Be sure to include your full name and work email address.
• Check out the Acknowledging ORP-Eligible Employee Elections Process Guide in COVLC. It also can be accessed as an attachment to the Enroll and Maintain Employees e-course.