You have 60 days from your hire date to enroll in the ORP. If you do not choose a program, you will be automatically enrolled in the Virginia Retirement System (VRS).

To enroll in the plan, visit the UVAHR Retirement page (https://hr.virginia.edu/benefits/retirement/403b-and-457-savings-plans) and log on to Workday.

The IRS contribution limit for 2025 is $23,500.

State legislation passed on March 15, 2010, has created two plans for ORP members. House Bill 1189 and Senate Bill 232 are referred to as Plan 2 and the current provisions as Plan 1. The provisions for Plans 1 and 2 will be effective July 1, 2010.

Plan 1:

Eligibility: All current UVA employees participating in the ORP are in Plan 1 and this legislation does not affect them. Employees hired on or before March 15, 2010 are in Plan 1. Employees whose contracts are executed between March 16, 2010 and June 30, 2010 and begin employment before July 1, 2010 will be in Plan 1.

Contribution: The University will continue to contribute 10.4% of salary to the ORP for employees in Plan 1.

Plan 2:

Eligibility: Employees whose contracts are executed between March 16, 2010 and June 30, 2010 and start work on or after July 1, 2010 will be in Plan 2. Employees whose contracts are executed after July 1, 2010, and forward, are in Plan 2 regardless of start date. In addition, "rehired employees" will be eligible for Plan 2. Rehired employees are those who take a refund of the funds in their member contribution account or ORP account from a previous position and return to covered employment with no service credit.

Contribution: The University will contribute 8.9% of salary to the ORP for employees in Plan 2. Employees in Plan 2 are required to make a 5% member contribution.

If you were hired between 7/1/10 and 7/1/14, you are 100% vested in your own contributions to the UVA ORP, as well as in any of the organization’s matching contributions and any earnings on them.

If you were hired on or after 7/1/14, you are fully vested after two years of continuous employment.

To help you meet your investment goals, the Plan offers you a range of options. You can select a mix of investment options that best suits your goals, time horizon, and risk tolerance. The many investment options available through the Plan include conservative, moderately conservative, and aggressive funds. A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available online.

We encourage you to take an active role in the UVA ORP and choose investment options that best suit your goals, time horizon, and risk tolerance. If you do not select specific investment options in the Plan, your contributions will be invested in the Vanguard Target Retirement Fund with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of UVA.

If no date of birth or an invalid date of birth is on file at Fidelity, your contributions may be invested in the Vanguard Target Retirement Income Fund. More information about the Vanguard Target Retirement Fund options can be found online.

Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.

If the idea of getting professional help to manage your investments appeals to you, your plan offers Target Date Funds. With Target Date Funds, the investment mix of stocks and bonds automatically becomes more conservative as the target retirement date approaches. Principal invested is not guaranteed at any time, including at or after the fund’s target date. Choose the fund that represents your anticipated year of retirement.

For those desiring the most investment flexibility and choice, the Plan offers Fidelity BrokerageLink^®, a self-directed brokerage account, which provides you with the opportunity to select from thousands of mutual funds and other investment options - beyond those offered in the standard plan lineup. More information about BrokerageLink^®, including an overview, the commission schedule, and a fact sheet that outlines the Plan-level restrictions and other settings, is available online at NetBenefits. Click on "Quick Links," then select "BrokerageLink."

Loans are not available in this Plan.

Withdrawals from the Plan are generally permitted when you terminate your employment, retire, reach age 59½, as defined by your plan.

Learn more about and/or request a withdrawal online, or by calling the Fidelity Retirement Benefits Line at 1-800-343-0860.

Rollovers are not permitted in the ORP.

Learn about exchanges, withdrawals, and more online. In particular, you can access a withdrawal modeling tool, which shows the amount of federal income taxes and early withdrawal penalties you might pay, along with the amount of earnings you could potentially lose by taking a withdrawal. Additional information can be obtained by calling the Fidelity Retirement Benefits Line at 1-800-343-0860.