Employer Update

October marks annual open enrollment for participants in the Optional Retirement Plan for Higher Education (ORPHE). Between October 1 and 31, participants who wish to change their provider can compare their options in myVRS and make a selection.

Active ORPHE participants have a choice of two providers: DCP (VRS investment options record-kept by MissionSquare Retirement) and TIAA. Any changes in providers become effective on the first pay date in January.

Take time to ensure payroll records accurately reflect provider changes and remittance of contributions to the correct provider, beginning with the first pay date in January. The Employers page on the ORPHE website includes further instructions for acknowledging provider changes in myVRS.

Encourage employees to register for an online open enrollment meeting to learn more about their plan options.