Welcome to your ORP retirement plan. Review the features and highlights of your plan below.
The highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
Take advantage today
All faculty and exempt staff are immediately eligible to enroll in the ORP. Participation among employees is mandatory upon hire.
Starting early has its advantages
You contribute 6.97% of your regular salary to the plan.
In addition, each employee’s respective employer also contributes an amount to the employee’s ORP account. The employer contribution for community college and CEI employees is an amount equal to 11.1067%. The employer contribution for four-year institutions will be 9.27%.
Vesting is a participant’s right of ownership to the money in his or her plan account. The plan provides for full and immediate vesting. You own all contributions to your account.
You may qualify for a higher level of elective contributions than those described above if certain requirements are met:
Accessing your money before retirement
Your plan was established to encourage long-term savings, so withdrawals prior to age 59½ may be subject to federal restrictions and a 10% federal early withdrawal tax penalty.
Generally, depending on your employer’s plan provisions, you may withdraw your vested account balance if you meet one of the following requirements:
Retirement or severance from employment
Your death or total disability
The following are some events upon which you may withdraw vested amounts without incurring a 10% federal early withdrawal tax penalty:
- Severance from employment at or after age 55
- Your death or total disability
- Taking substantially equal payments for a period of five years or reaching age 59½, whichever is later
Corebridge offers many distribution options, allowing you to tailor your benefits to meet your individual needs. Depending on your plan provisions, your withdrawal options include:
- Transferring or rolling over your vested account balance to another tax-advantaged plan that accepts transfers of rollovers
- Electing systematic or partial withdrawals
- Choosing one of the many annuity options available
Generally, income taxes must be paid on all amounts you withdraw from your plan. A 10% federal early withdrawal tax penalty may apply to distributions taken prior to reaching age 59½.
Consult your financial professional for more specific information.
In the event of your death, the account balance passes directly to your named beneficiary. This generally avoids the costs and delays of probate. Your beneficiary can leave all or a portion of the account balance on deposit, depending on the circumstances. Your beneficiary can make withdrawals at any time. Withdrawals may be subject to tax laws that might require distributions to occur within certain time frames.
A 1205911 (7/2023)