Optional Retirement Plan Tier 3

Participants in this defined-contribution retirement plan contribute 8 percent of pre-tax salary; the university also makes a 12 percent contribution. ORP does not have a retiree medical benefit. Employees are always 100 percent vested in their own contributions. After three years, employees vest in the employer's contribution.

Employees select an investment company for employee and employer contributions (can be the same or different companies): See ORP Vendors.

When employees have terminated all employment for 45 days, they may transfer their account to another qualified plan, roll the account into an IRA or receive payment of their account balance through an annuity contract purchased from the fund sponsor. No lump sum or hardship distributions are allowed under this plan. For more information, check out The Handbook (pdf).