Retirement

The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation.   Membership in the Virginia Retirement System (VRS) is mandatory for full-time classified staff.   A/P and T/R Faculty members may elect to participate in the VRS defined benefit plan or an Optional Retirement Plan and have 60 days from the date of hire to make an election. The Optional Retirement Plan for Higher Education (ORPHE) is sponsored by the Virginia Retirement System (VRS).

For additional information, review retirement plan details and options at the VRS Members website.  Please contact the Benefits Department. with any questions or concerns. Counseling is available to assist you in making a plan election.  

Retirement Plans

VRS Hybrid Plan

New members with no previous VRS service credit whose membership is on or after January 1, 2014.  

VRS Plans 1 & 2

VRS Plan 1

You are a state employee, school division employee or a general employee of a participating political subdivision and were hired or rehired before July 1, 2010, and were vested as of January 1, 2013 and have not taken a refund. 

 

VRS Plan 2

You are a state employee, school division employee or a general employee of a participating political subdivision and were hired or rehired from July 1, 2010 to December 31, 2013 and have not taken a refund before July 1, 2010, and were not vested as of January 1, 2013 and have not taken a refund.

Optional Retirement Plan (ORP)

You are eligible for 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.  Participation in the VRS defined benefit plan or the defined contribution ORP is irrevocable once an election is made.

Virginia Law Officers' Retirement System (VaLORS)

VaLORS Plan 1

A campus police officer is covered under Plan 1 if your membership date is prior to July 1, 2010, and you were vested before January 1, 2013, and have not taken a refund.

VaLORS Plan 2

A campus policer officer is covered under Plan 2 if your membership date is on or after July 1, 2010, or before July 1, 2010 and you were not vested (you had less than five years of service credit) as of January 1, 2013.  

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Supplemental Retirement Plans

The University also offers eligible employees access to additional voluntary supplemental retirement plans and deferred compensation plans to enhance their retirement goals and plans.  For additional information, please contact the Benefits Department.

Tax-Deferred Annuities (403b)

  • The University makes payroll deductions for tax-deferred annuities to these approved 403b providers: TIAA, Ameriprise, AIG (formerly VALIC), Equitable (formerly AXA) and ICMA-RC (soon to be MissionSquare).  Our third party administrator, Fringe Benefits Management Company (FBMC), serves as the compliance coordinator and distributes all contributions to your selected provider(s).  

AIG Retirement Services

In an effort to provide you with tools to better prepare to meet your financial and retirement goals, a financial advisor from AIG Retirement Services is available to virtually address any questions you may have regarding: 
  • Planning, budgeting and meeting your savings goals
  • Managing your investments
  • Calculating contributions to meet your retirement needs
  • Overcoming financial obstacles

If you have never met with a financial advisor, here is your opportunity to get acquainted and get help planning for a more secure financial future.

AIG Retirement Services has the resources to meet with you virtually—by phone, FaceTime or Webex. 

Here are step-by-step instructions on how to join an online Webex meeting and stay connected with your financial advisor.

Schedule a time to meet virtually:

  • Date/Time: Register to pick a date and time convenient for you.

Phone Appointment:

  • Call Your Advisor at
  • (540) 553-2961 
AIG

TIAA Webinars & Retirement Information

June 2021
  • Charting Your Course: A financial guide for Women June 15 at 12 p.m. (ET)
    Women can face unique financial challenges. You can discover tailored approaches to saving for retirement and tips to make your money work hard. Register
  • Lifetime Income: Market proof Your Retirement June 15 at 3 p.m. (ET)
    You’ve worked hard to save for retirement. TIAA can help you understand how to create a diversified retirement income plan that protects you against key retirement risks. Register
  • An Introduction to Alternative Investments: Real Estate June 16 at 12 p.m. (ET) During times of market and other crises, we believe that having real estate as part of your portfolio can help provide three critically important investment attributes: liquidity, low leverage, and diversification. This presentation will discuss the reasons to consider investing in private real estate and provide an overview of the real estate market and its outlook for the future. Register
  • Well-Rounded Retirement – An Overview June 16 at 3 p.m. (ET) Planning for retirement goes beyond just thinking about money.   A full-picture plan starts with considering the many non-financial aspects of retirement, too. This workshop provides a high-level view of the model for a well-rounded retirement. Several “big ideas” about retirement health are explored, and participants in the live session complete a self-inventory related to the model. Additional resources available after the overview session will provide a closer examination of meaningful purpose, wellness and lifestyle, emotional strength, mental acuity, and nurturing relationships in retirement. Register
  • Financial Housekeeping for now and later June 17 at 12 p.m. (ET) Get insights into your current financial situation and provide some practical steps so you can help position yourself for future success.
  • Within Reach: Transitioning from career to retirement June 17 at 3 p.m. (ET) - You can plan ahead to help make the most out of your retirement—from paying yourself to allowing for taxes, healthcare and estate planning wishes.  Register

TIAA Financial Counseling & Appointments

No matter where you re in life, a virtual session with a TIAA financial consultant can help you ensure you re on the right track to meet your retirement and financial goals.  Scheduling a TIAA appointment is easy!  Register for a day and time that works best for you schedule with the  TIAA - Consultations-At Your Workplace online appointment registration.  Or, call TIAA at 800-732-8353.   

Timothy Davis, our TIAA financial consultant, is available for one-on-one sessions as well.  For specific dates and times, click here.

 

TIAA

Cash Match Plan

Eligible employees who make a contribution to a 403b tax-deferred annuity or the 457 deferred compensation plan are eligible to participate in the Commonwealth of Virginia’s Cash Match Plan.  Employees must have an account with one of the approved plan providers in order to receive a cash match contribution.  Employees will receive each pay period, the lesser of $20, or 50% of the employee’s contribution amount. Employees may receive a cash match contribution to one plan only.  Employees enrolled in both a 457 and a 403b may elect which plan to receive the cash match contribution. Employees enrolled the VRS Hybrid Retirement Plan must make the maximum 4% voluntary contribution to the defined contribution component of the plan in order to receive a match on contributions to your employer 457 or 403(b) plans

Deferred Compensation Plan (457)

Newly hired and re-hired state employees are eligible to enroll in the Commonwealth of Virginia 457 Deferred Compensation Plan with a minimum contribution of $10 per pay period. Employees may enroll online at www.varetire.org; select Commonwealth of Virginia 457 Deferred Compensation Plan under the Defined Contribution Plans tab or enroll by calling 1-VRS-DC-PLAN (1-877-327-5261), Option 1.  The employee pays an annual administrative fee.  VRS Plan 1 and Plan 2 members may be auto-enrolled in the 457 with a $20 per pay period employee contribution and receive an employer-paid $10 per pay period cash match. Employees auto-enrolled, who do not wish to participate in the 457 plan, must call 1-877-327-5261 in order to opt-out of the plan.

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Retirement: Virtual Planning Sessions and Finalizing Retirement Dates

We are pleased to offer an in-depth virtual session dedicated to those employees anticipating retiring from Radford in the next five (5) years.  These sessions focus on general retirement planning, annuity options, group life insurance, social security, and health care consideration when planning for the next phase of your life.  Sessions are available to ALL employees and will last approximately 1.5 hours. 

When these sessions become available, they will be posted within the bi-weekly Benefits & Wellness email, as well as located on Radford University's Training Catalog.

Any employee that has decided to retire, especially within less than 6 months' time, should contact the Benefits Department.  You and the Benefits Department will set up a date and time to discuss in detail all your retirement options and what you must bring to this meeting. It is vital that your retirement meeting with benefits occur within 90 days of your actual retirement date so there is no delay in your monthly retirement payment.  For example, if you plan on retiring on June 1, then it is strongly recommended that you contact benefits to schedule a retirement meeting before the end of March.   Employees are also encouraged to advise their supervisors as soon as possible when a retirement decision has been made.

Please contact the Benefits Department at benefits@radford.edu or call 540-831-6110 or 540-831-5583 with all questions.  

Information for Retirees

Radford Association of Retired Employees (RARE).  The organization's objectives are to serve Radford University in achieving its mission, to provide social and educational programs to retired faculty and staff, and to promote their continued involvement in the life of the Radford University community. Events and information of interest to RARE members will be posted to this site as updates are provided by the RARE executive board.   This service is provided as a service to RARE and is not endorsed by Radford University. Please contact RARE at rare@radford.edu for additional information.

Fringe Benefits Management Company - FBMC

FBMC is a third party administrator of companies that participate in the Commonwealth’s voluntary payroll deduction program. These companies provide life, health, dental, cancer, disability, automobile, and homeowners insurance, financial planning, etc. If you wish to purchase additional life insurance with premiums paid by payroll deduction you may want to consider one of the vendors listed in the provider listing.   Employees should contact the company listed in the Provider Listing directly for information and assistance.