Office of Human Resources - Benefits Design & Management

THE OPTIONAL RETIREMENT PLAN (ORP)

• ORP Enrollment Instructions

  Is a defined contribution plan.
• Qualified under Internal Revenue Code 401(a).
• Offers a choice of three retirement companies; see the ORP Guide.
• Participation begins on the first day of the pay period following enrollment.
• You contribute 7% of gross salary through payroll deduction.
• The university matches this contribution.
• You select the investment company and determine the investment allocations.
• The university pays for long-term disability.
• Your retirement benefit is based on performance of investments you select. Ultimate account balance is a result of the amount of contributions deposited to the ORP account and the performance of your chosen investments.
• Employees are immediately vested in their own retirement contributions.
• Employees are fully vested in employer contributions after five years of ORP participation, or immediately when the owner of a qualified retirement plan at time of employment (refer to the Guide for additional information).

Remember:

• You MUST complete your retirement enrollment within 30 Days.
• Your retirement plan election at time of employment is irrevocable; this will be your retirement plan for the duration of your employment at the university.
• If you do not make an election of plan with 30 days, you will be defaulted to the Arizona State Retirement System Plan, an irrevocable election.
• If you are reclassified and/or assume a new job and become ORP-eligible for the first time after your initial employment date, the 30-day election period begins on the day your reclassification becomes effective.