Virginia Retirement System
VRS administers the defined benefit, defined contribution and hybrid plans for Virginia’s public sector employees. Participation in a retirement plan is mandatory for all full and part-time salaried employees. All classified employees are automatically enrolled in VRS Plan 1, VRS Plan 2 or the VRS Hybrid Plan. Newly hired faculty employees must elect participation in VRS or the Optional Retirement Plan (ORP) within 60 calendar days of hire. Retirement plans include VRS Plan 1, VRS Plan 2, VRS Hybrid and the Optional Retirement Plan (ORP).
VRS Plan 1
You are in Plan 1 if your membership date is before July 1, 2010, and you were vested (had at least five years of creditable service) as of January 1, 2013. See details of your retirement benefits as a Plan 1 member here.
VRS Plan 2
You are covered under Plan 2 if your membership date is from July 1, 2010 to December 31, 2013. Additionally, you are covered under Plan 2 if you have a membership date prior to July 1, 2010 but you were not vested before January 1, 2013 See details of your retirement benefits as a Plan 2 member here.
VRS Hybrid Plan
You are covered under the VRS Hybrid Retirement Plan if your membership date is on or after January 1, 2014 and you are a faculty employee who elected the Hybrid Retirement Plan instead of an Optional Retirement Plan (ORP) administered by VRS. See details of your retirement benefits as a VRS Hybrid Plan member here.
The myVRS portal is a VRS tool allowing employees full access to VRS retirement accounts. The secure portal can be accessed at any time once registration for site access has been completed. Go to www.varetire.org and click on the myVRS tab in the top left corner of the page to register.
Optional Retirement Plan
The Optional Retirement Plan for Higher Education (ORPHE) is sponsored by the Virginia Retirement System and is available to salaried faculty employees only. You are in the ORP Plan 1 if your retirement plan coverage date is before July 1, 2010. You are in the ORP Plan 2 if your retirement plan coverage date is July 1, 2010 or later. See details of your retirement benefits as an ORP participant here.
Voluntary Retirement Savings Plans
Commonwealth of Virginia 457 Deferred Compensation Plan
The Commonwealth of Virginia’s 457 Deferred Compensation Plan can help NOVA employees save additionally towards retirement. Participants may enroll at any time and make contributions on a before or after tax basis up to the IRS established annual maximum. Participation is voluntary and may begin at any time during employment. The plan is administered by ICMA-RC. Full plan details and enrollment information can be found here.
403-b Tax Deferred Annuity
NOVA offers its employees the ability to enroll in and make contributions to the 403-b plan. The 403-b plan is a voluntary retirement savings plan for specific employees of public schools and other tax-exempt organizations. Participating employees may make contributions up to the IRS established annual maximums on a before or after tax basis through payroll deduction. The College offers enrollment through three vendors: VALIC, TIAA and MetLife. Enrollment may begin at any time during employment. Contact a Benefits Team representative at email@example.com for additional details.