Optional Retirement Plan Tier 2
Employees hired July 1, 2005-June 30, 2006 (ORP Tier 2) contribute 8.65 percent of pre-tax salary to the defined-contribution retirement plan. The university also makes a 12 percent contribution. ORP does not have a medical plan.
Vesting is immediate. Employees select an investment company for employee and employer contributions (can be the same or different companies):
When employees have terminated all employment for 45 days, they may transfer their account to another qualified plan, roll their account into an IRA, purchase an annuity contract from the fund sponsor or receive payment of their account balance through a lump sum distribution (subject to taxes and penalties for early distribution). No loans or hardship distributions are allowed under this plan. For more information, check out The Handbook (pdf) and the Retirement Plan Document.