ORP Open enrollment
To Participants in the VCU Optional Retirement Plan (ORP):
The purpose of this email is to inform you of the annual open enrollment period for the VCU Optional Retirement Plan (ORP) and to let you know what actions, if any, you need to take.
When is open enrollment?
This year’s ORP open enrollment takes place from February 1 through February 28, 2018. During this period, you may change your account provider for future contributions to the VCU ORP. Changes made during this time become effective on March 1, 2018 and will be reflected on your pay stub documentation in eServices/VCU Self Service beginning March 16, 2018.
What are your options?
1. Take no action and your current account provider will stay the same for 2018. Your next opportunity to change your ORP account provider will be during next year’s annual open enrollment. Of course, you can always change investment elections within your provider’s approved investment lineup at any time.
2. Change your participation between the approved ORP account providers: Fidelity and TIAA. Please note that changing your ORP account provider during open enrollment affects future contributions only. It will not automatically transfer your existing VCU ORP balance to the new provider. To transfer your existing ORP balance, you will need to contact that provider for the appropriate paperwork to initiate an in-plan exchange for existing funds. You can find account provider information at hr.vcu.edu/current-employees/benefits/a-z-list-of-benefits/retirement/optional-retirement-plan/.
How do you make a change during the open enrollment period?
To change your ORP account provider, complete and return to VCU Human Resources the ORP Account Provider Change Form. Please note that if you do not already have a VCU ORP account with the provider you are selecting, you must set up an account with that provider. Visit the VCU Human Resources website for instructions on how to set up an account.
How can you find out more information?
For more information about the ORP, a current list of approved funds, links to fund performance, and instructions to change your account provider during open enrollment, visit the VCU Human Resources website. Representatives from the two ORP account providers, TIAA and Fidelity, are on campus regularly for individual counseling sessions. This website includes the dates for these on-campus visits.
What if you have questions?
Please contact us at benefits@vcu.edu or call (804) 827-1723.
All my best,
Cathleen C. Burke
Assistant Vice President for Human Resources
Virginia Commonwealth University