Employer Update

New salaried teaching, research and administrative faculty members who are eligible to elect coverage under the Optional Retirement Plan for Higher Education (ORPHE) must choose a retirement plan within 60 days of 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. Their retirement plan choice is irrevocable.

Employees can compare and select plans in myVRS.

Once you’ve enrolled new faculty members in myVRS Navigator, VRS will send a letter instructing them to log in to or create an account in myVRS to choose a retirement plan.

Employees will see a choice of plans based on their start date. Using the Compare Plans screen, they can evaluate features of the VRS and ORPHE plans available to them.

Members can view their projected income under VRS and ORPHE plans using the plan comparison calculator in myVRS. They also can adjust certain assumptions, such as salary or rate of return, to determine how their income could change in retirement.

If employees elect an ORPHE plan, they will 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

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

Stay informed throughout the ORP-election process.

You 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 access a report of employee elections.

The Employers section on the ORPHE website includes instructions for acknowledging participants’ elections.

Note: Different enrollment processes apply for The College of William and Mary, including the Virginia Institute of Marine Science; George Mason University; University of Virginia; Virginia Commonwealth University and Virginia Tech, which administer their own ORPHE programs, consistent with the Code of Virginia.

Have more questions? The following resources cover the process more in-depth:

• Refer to the Enroll and Maintain Employees chapter of 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.