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Mailing Address:
U.Va. Human Resources
914 Emmet Street
P.O. Box 400127
Charlottesville, VA
22904
Phone: (434) 924-4598
Email: hrdept@virginia.edu
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| Benefits Summary for Faculty |
Effective January 1, 2008
Retirement Programs
All full-time and part-time salaried University faculty not restricted by a temporary appointment must participate in either the Faculty Optional Retirement Plan or the Virginia Retirement System. Part-time faculty are defined as those who work at least 20 hours, but less than 40 hours per week or who work the equivalent of one half of a faculty position and are engaged in teaching, research or administrative duties. The retirement program selected effects the life and disability insurance benefits, so careful consideration should be given to this decision. Once a retirement program is elected, the decision is irreversible. Effective July 1, 1999 all part-time salaried University faculty not restricted by a temporary appointment with a term of six months or more and working at least 50 percent effort (at least 20 hours per week) became eligible to participate in the Faculty Retirement Plan and effective July 1, 2005 they became eligible to participate in VRS.
A. Faculty Retirement Plan (FRP)
The FRP is a "defined contribution" plan in which retirement benefits are based on employer contributions plus earnings of the account balance over the course of the participant's working years. In a defined contribution plan, the value of the retirement benefits may change, depending on investment gains or losses. On behalf of participants hired on or after January 1, 1991, the University contributes 10.4 percent of salary. The University contributes 10.4 percent of salary to the Plan. If you were hired prior to January 1, 1991, click here for additional contribution information.
Participants may invest employer contributions in one of the following companies: TIAA/CREF, Fidelity Investments or Vanguard. Faculty members have 60 days from their date of hire to elect a retirement program. Changes in vendor selection may be made at any time of year, up to three times per year. NOTE: If no program is selected during the 60 days, state policy requires the full-time faculty member to be enrolled in VRS.
B. Virginia Retirement System (VRS)
The Commonwealth of Virginia requires all full-time State employees to participate in VRS, unless they are faculty participating in the FRP. VRS is a "defined benefit" plan that provides benefits based on years of service, age, and average annual salary, paid during the highest 36 consecutive months of credited service. VRS provides retirement benefits, calculated at retirement, as early as age 50 with ten years of service. There is an annual cost-of-living increase for retirees, beginning in the second calendar year after retirement. The contribution needed to fund the system is actuarially determined and adjusted every two years. Full retirement benefits are available for employees with 30 years of service and at least age 50. The total contribution is paid by the University. To contact VRS call toll free (888) 827-3847 or visit their website at http://www.varetire.org. Please Note: An individual may not receive a retirement annuity from the Virginia Retirement System (VRS) or one of the Faculty Retirement Plans while the University of Virginia is making contributions to a regular retirement program. An individual who is receiving a retirement annuity from an account to which any Commonwealth of Virginia agency contributed should contact the UHR Benefits Division.
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