Handbook for - Virginia Retirement System

2 & 1 S n R V a Optional Retirement Plan l for Higher Education P Handbook for Participants in the ORPHE Plan 1 and the ORPHE Plan 2 Providing information about your... plan benefits investments 2 & 1 S n R V a l P Optional Retirement Plan for Higher Education Handbook for Participants For teaching, research and administrative faculty in the Optional Retirement Plan for Higher Education (ORPHE) Plan 1 and Plan 2 The Optional Retirement Plan for Higher Education (ORPHE) is sponsored by the Virginia Retirement System (VRS). You are in the ORPHE Plan 1 if your retirement plan coverage date is before July 1, 2010. You are in the ORPHE Plan 2 if your retirement

plan coverage date is July 1, 2010 or later. Note: The information contained in this document is governed by Title 51.1 of the Code of Virginia . This information is intended to be general. It cannot be complete in all details and cannot supersede or restrict the authority granted by the Code of Virginia , which may be amended from time to time. Participant Resources e VRS website at www.varetire.org • Plan information, forms, publications and other resources, including the Optional Retirement Plan c for Higher Education Handbook for Participants (select the Defined Contribution Plans tab) n ORPHE Plan Providers e The following plan providers offer the investments and record-keeping for the plan: r • Fidelity Investments: 1-800-343-0860 (customer contact and IVR); www.fidelity.com/atwork • TIAA-CREF: 1-800-842-2776 (customer contact); 1-800-842-2252 (IVR); www.tiaa-cref.org e f Other Contacts • American Association of Retired Persons: 1-888-OUR-AARP (1-888-687-2277); www.aarp.org e • Anthem Blue Cross/Blue Shield: 1-800-552-2682; www.anthem.com/com r • Commonwealth of Virginia 457 Deferred Compensation Plan: 1-VRS-DC-PLAN1 (1-877-327-5261); www.varetire.org (select the Defined Contribution Plans tab) k • Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program: Genworth Life, 1-866-859-6060; www.genworth.com/cov c • Group Life Insurance Program: Minnesota Life, 1-800-441-2258 i • Internal Revenue Service: 1-800-829-1040; www.irs.gov • Medicare: 1-800-MEDICARE (1-800-633-4227); www.medicare.gov u • Social Security Administration: 1-800-772-1213; www.socialsecurity.gov • Virginia Department for the Aging: 1-800-552-3402; www.vda.virginia.gov Q • Virginia Department of Human Resource Management: www.dhrm.virginia.gov • Virginia Department of Taxation: 804-367-8031; www.tax.virginia.gov Table of Contents Page 1. Welcome to the Optional Retirement Plan for Higher Education Preparing for Your Future 4 Eligible ORPHE Participants 5 About Your Plan 6 Choosing Your Plan Provider 9 Building Your Retirement Income 10 Changing Employers 10 What to do if I… 12 VRS Board of Trustees 15 2. Contributions, Investments and Distributions Contributions and Incoming Rollovers 16 Investments 17 Provider Investment Options 20 Distribution Options 23 3. Active Employee Benefits Basic Group Natural and Accidental Death, Dismemberment and Other Life Insurance Benefits 25 Designating a Beneficiary for Life Insurance Benefits 26 Optional Group Life Insurance Program 28 Health Insurance 30 Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program 30 If You Go on Educational or Military Leave 31 4. Leaving or Retiring from Your Position Taxes 33 So cial Security 33 Group Life Insurance 33 State Retiree Health Benefits Program 35 Health Insurance Credit 36 Long-Term Care Coverage 37 Pr eparing to Leave Employment:...

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