Retirement can be a significant transition for an employee. After many years with the University, it is important that the employee takes the opportunity to plan this next step thoroughly.

The University of Virginia provides two retirement plans for academic employees, the Virginia Retirement System (VRS) or the Optional Retirement Plan (ORP).
Virginia Retirement System (VRS)

The benefits available for you at retirement include VRS benefits, Social Security and Medicare, health care insurance and, in many cases, life insurance and distribution from tax-deferred savings.

If you are planning to retire under the VRS, you should also follow the steps below to ensure the timely receipt of your benefit:

• At least three months before plan to retire, contact University Human Resources at 434-982-0123 to initiate the retirement process. UHR will assist you in understanding your individual retirement benefits.
• At least three months prior to your retirement, telephone or write the local Social Security Office to apply for payments, if desired. If you or a dependent are age 65 or older, you must also apply for Medicare to begin as of the retirement date.
• Notify your supervisor in writing of your intent to retire. Your supervisor will then notify FM Human Resources & Training by copy of your written notification.

Optional Retirement Plan (ORP)

For those employees who selected the Optional Retirement Plan, please follow the steps below to ensure the timely receipt of your benefits:

• At least four to six months prior to your retirement, contact the company(ies) with which you have your retirement plan and ask for information about your distribution options and the forms you need to complete.
• Approximately three months prior to your retirement, contact University Human Resources at 434-982-0123 for an appointment to discuss health insurance and other retirement benefits.
• At least three months prior to your retirement, telephone or write the local Social Security Office to apply for payments, if desired. If you or a dependent are age 65 or older, you must also apply for Medicare to begin as of the retirement date.
• Notify your supervisor in writing of your intent to retire. Your supervisor will then notify FM Human Resources & Training by copy of your written notification.