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Overview
Decisions about your retirement planning today can have far-reaching effects on your life many years from now. Consequently, it is important that you understand the choices available to you, and that you choose well. The Commonwealth offers two distinct types of retirement plans for certain employees of its institutions of public higher education. You decide which plan best meets your needs, expectations and career objectives.
The information provided here is intended to help you understand the choice you have in your retirement planning. The following pages highlight the two retirement systems, and compare their basic features. You must make your choice within 90 days of your initial eligibility for the Optional Retirement Program (the “ORP”), which is typically the first day you are actively at work.
Irrevocable Decision
This is an important decision, for once you make your choice, it cannot be changed. If you do not elect to participate in the ORP within the 90 day Election Period, you will be enrolled, or continue to be enrolled in the State Employees’ Retirement System (the “SERS”).
More information
While the Benefits Administrator on your campus is knowledgeable about the two plans, you can always contact the Plan Administrators for both programs to learn more: