Employer Update

It’s time to notify participants in the Optional Retirement Plan for Higher Education (ORPHE) of the open-enrollment period that takes place October 1-31.

Active ORPHE participants have a choice of two providers: DCP (VRS investment options record-kept by MissionSquare Retirement) and TIAA.

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.

Participants who wish to change investment providers can compare and select their provider in myVRS. Provider changes become effective on the first pay date in January.

Encourage employees who are considering changing providers to use the ORPHE Provider Options chart to review each provider’s fees, services and plan features.

The Employers page on the ORPHE website includes instructions in the myVRS Navigator section for acknowledging provider changes.

Make sure your payroll records accurately reflect provider changes and remittance of contributions to the correct provider beginning with the first pay date in January.