Employer Update

October is the annual open enrollment for participants in the Optional Retirement Plan for Higher Education (ORPHE). Employees have until October 31 to change their investment provider, if desired. They can compare their options and select a provider in myVRS.

Active ORPHE participants have a choice of two providers: DCP (record-kept by Voya Financial, as of January 1, 2025) and TIAA. Any changes in providers become effective on the first pay date in January.

Encourage Employees to Watch Providers’ Presentations

Employees considering changing providers can view recorded presentations to learn more about their options.

Use Our Email Templates to Spread the Word

Use our announcement and reminder email templates to communicate open-enrollment information to employees.

Click the link for each template and copy all (Ctrl + A, then Ctrl + C) the content into an email (Ctrl + V to paste). You may then edit the content, subject line and recipients as needed.

Make Sure Your Payroll Records Are Accurate

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 Navigator.

NOTE Voya Financial will replace MissionSquare as the third-party record keeper for the VRS Defined Contribution Plans (DCP), effective January 1, 2025, which is also when open enrollment elections become effective. Provider information included in myVRS during the open enrollment period will include details about the transition. You also may direct participants to the transition webpage for more information.