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Employee Benefits: Retirement
The Optional Retirement Plan (ORP) for Higher Education refers to the plan you choose for retirement where, CNU makes contributions on your behalf (in addition to Social Security). Faculty may choose one of two ORP plans or the Virginia Retirement System. Classified employees are automatically enrolled in the Virginia Retirement System.
The Virginia Retirement System (VRS) has the responsibility to govern the selection and monitor the ORP investment options. This ensures that the most competitive products and services are being offered to plan participants.
The current providers are:
TIAA-CREF www.tiaa-cref.org
If you would like to select TIAA-CREF as your optional retirement selection, please complete a Provider Designation Form. Please get a TIAA-CREF ORP application from the Office of Human Resources. Please select the investments you would like. Please send the designation form and application to the Office of Human Resources for processing.
Fidelity http://www.mysavingsatwork.com/atwork.htm
If you would like to select Fidelity as your optional retirement selection, please complete a Provider Designation Form. Please get a Fidelity ORP application from the Office of Human Resources. Please select the investments you would like. Please send the designation form and application to the Office of Human Resources for processing.
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Virginia Retirement System (VRS)
CHOICE FOR FACULTY, AUTOMATIC ENROLLMENT FOR CLASSIFIED
This is a defined (or fixed) benefit retirement plan. Members must have at least ten years of service and have attained age 50 or at least 5 years of service and have attained age 55 to retire early with reduced benefits. To receive full benefits, the member must be age 50 with 30 years of service or age 65 with at least five years of service. The benefits received at retirement are determined by salary history, length of service, age at retirement, and the retirement income option selected. If you have prior public service for Virginia or another state, military service, civil service, etc. (see listing), you may be eligible to purchase that service for credit in the Virginia Retirement System. You must select your retirement within 60 days of hire. More information: http://www.varetire.org/Employers/BenefitPlans/DefinedBenefit/VRSDefBen.asp.
Optional Retirement Program (ORP)
For ADMINISTRATIVE OR INSTRUCTIONAL FACULTY ONLY
This is a defined contribution plan administered by the Virginia Retirement System, open to administrative professional and instructional faculty only. In addition to your salary, Christopher Newport University contributes an amount equivalent to 10.4% of your salary per pay period to the plan of your choice. You may elect one of two available companies within the ORP. As a member, you determine the allocation of contributions to the investment funds available within your chosen company. Vesting is immediate with the ORP. The benefits received at retirement will depend on the level of contributions, the duration of participation, investment gains and losses, the actual age at retirement, and the retirement income option selected. The ORP companies available are as follows: Fidelity Investments and TIAA-CREF. You must select your retirement within 60 days of hire.
For more information:
Fidelity – http://www.mysavingsatwork.com/atwork.htm, 1-800-343-0860
TIAA-CREF - www.tiaa-cref.org, 1-800-842-2776
TIAA-CREF, 730 Third Avenue, New York, NY 10017
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SUPPLEMENTAL RETIREMENT ACCOUNTS:
Tax Sheltered Annuity Program (403b)
The University is associated with several companies that offer 403b plans. If you desire a supplemental retirement plan, you may contribute a total of $16,500 of your annual salary (if you are at least 50 years old, you may contribute $22,000) to one or more of these 403b plans. The portion of your salary that you elect to contribute is not taxed (federal and state) until withdrawals are made. Please review our provider listings:
State Deferred Compensation Program (457)
The Commonwealth of Virginia also offers the opportunity to invest in a supplemental retirement plan. This Deferred Compensation Plan offers you the opportunity to contribute a total of $16,500 of your annual salary (if you are at least 50 years old, you may contribute $22,000) to this plan. The contributions are made on a pre-tax basis. You may contribute to both the Deferred Compensation Plan and the 403b plan. More information:
http://www.varetire.org/Members/BenefitPlans/DefinedCont/Index.asp.
State Cash Match Program (401a)
If you contribute to either a tax-sheltered annuity or the deferred compensation plan, the Commonwealth of Virginia will match 50% of your contribution up to a maximum of $20 per pay period to the provider you have chosen from the cash match list of provider or the State Deferred Compensation Program. Here is the link for cash match, although it only references the deferred compensation plan, cash match is also offered for tax sheltered annuities. More information: https://vadcp.ingplans.com/csinfo/planinfo.aspx?cl=VIRGNA&pl=650272PU&page=plan_informationintroduction&domain=vadcp.csplans.com
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