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William & Mary Retirement Comparison Guidefor Faculty and Eligible ProfessionalsThis publication is for employees of William & Mary who are: hired or rehired January 1, 2018 or later; and are eligible to choose between the William & Mary (W&M)Optional Retirement Plan (ORP), a definedcontribution retirement plan; and the VirginiaRetirement System (VRS), a Hybrid RetirementPlan.January 2020

IntroductionAs a new faculty member, or as a newly hired Professional, you are eligible to choose betweenthe William & Mary Optional Retirement Plan 2 (W&M ORP), a defined contribution plan, andthe Virginia Retirement System (VRS) Hybrid Retirement Plan. If you do not elect the W&MORP within 60 days of your hire date in your first ORP-eligible position, you will beautomatically enrolled in the VRS Hybrid Retirement Plan. If you have prior vested servicecredit under VRS Plan 1 or VRS Plan 2, you are not eligible to elect the VRS Hybrid RetirementPlan and must select between VRS Plan 1 or VRS Plan 2 (as applicable) or the W&M ORP.To view an estimate of your VRS member benefits if you have prior service under VRS Plan 1or VRS Plan 2, create a secure myVRS account at www.varetire.org. Your myVRS accountshows your total service, funds in your member contribution account and a projected monthlyretirement benefit based on your VRS service.If you move from one ORP-eligible position to another without a bona fide break in service,you must continue in the plan you originally chose. If you have a bona fide break in service,you may choose between either the ORP or the VRS Hybrid Retirement Plan again. A bonafide break in service is a break of at least one full calendar month from the end of the monthwhen you were last employed. Periods of leave with or without pay do not count towardsatisfying this break in service. For academic year employees, summer breaks, intersessionperiods, and educational leave also do not count toward satisfying this break.If you move from a position where you were covered by VRS (VRS Hybrid, VRS Plan 1, orVRS Plan 2) and are choosing the W&M ORP, you may transfer the funds in your VRS definedbenefit member contribution account to your W&M ORP account.If you move from one VRS-participating employer to another and elect VRS as your retirementplan in both positions, your VRS creditable service continues.If you move from a position where you elected the W&M ORP and become covered under theVRS Hybrid Retirement Plan, your W&M ORP account remains in place, and you may not takea direct distribution or rollover until you leave covered employment.W&M Human Resources – W&M ORP ComparisonGuidePage 2 of 22

Choosing Your Retirement PlanPreparing for retirement is about having enough income to live comfortably after you retire.Most financial planning experts recommend 80 percent of your current earnings as a retirementincome target. As a new faculty member or eligible Professional employee, you have the optionto choose between two retirement plans.Defined Contribution Plan: W&M ORPThe W&M ORP is a defined contribution plan where vesting is immediate: the total balance inyour account is available to you when you leave covered employment and are not re-employedby a VRS-participating employer offering retirement benefits under Title 51.1 of the Code ofVirginia. For the W&M ORP Plan 2, your benefit is based on contributions from both you andyour employer, adjusted for gains, losses and fees. You choose how the contributions will beinvested from a range of options. You bear the investment risk, and the amount of your benefitdepends on the net investment earnings. TIAA is the third-party administrator of the ORP foremployees hired after January 1, 2018.If you have an existing balance in a Commonwealth of Virginia ORP (the W&M ORP or anotherCommonwealth of Virginia ORP) or a Virginia Retirement System defined benefit memberaccount accrued prior to July 1, 2010, you may be eligible for the W&M ORP Plan 1. In theW&M ORP Plan 1, all contributions are made by the employer, however you still choose howthe contributions will be invested and you still bear the investment risk. The amount of yourbenefit depends on the net investment earnings.There are a number of factors to consider when selecting a plan: How long do you plan to work for a VRS-participating employer?Is portability important to you?What is your estimated defined benefit under the defined benefit component of the VRSHybrid Retirement Plan?Are you comfortable with the idea of being responsible for investing?For more information, tps://www.wm.edu/offices/hr/retirement at work/index.phpVRS Hybrid Retirement PlanThe Hybrid Retirement Plan combines the features of a defined benefit plan and a definedcontribution plan. The defined benefit is based on your age, creditable service and average finalcompensation at retirement using a formula. The benefit from the defined contribution plandepends on the contributions made to the plan and the investment performance of thosecontributions. In addition to the monthly benefit payment payable from the defined benefit planat retirement, you may start receiving distributions from the balance in your defined contributionaccount, reflecting the contributions, investment gains or losses and any required fees.Your retirement benefit is funded through mandatory and voluntary contributions made by youand your employer to both the defined benefit and the defined contribution components of theplan. Mandatory contributions are based on a percentage of your creditable compensation and arerequired from both you and your employer. Additionally, you may choose to make voluntarycontributions of more than the mandatory amount to the defined contribution component of theplan, and your employer is required to match those voluntary contributions according to specifiedpercentages.Under the defined benefit component, vesting is the minimum length of service needed to qualifyfor a retirement benefit. Once you are vested, you are eligible for a retirement benefit if you meetW&M Human Resources – W&M ORP ComparisonGuidePage 3 of 22

the age and service requirements for your plan. You become vested under the defined benefitcomponent when you have at least five years (60 months) of service credit. For more details,please refer to the Vesting section in Comparing Plans.Under the defined contribution component, vesting is the minimum length of service membersneed to be eligible to withdraw employer contributions from that component of the plan. You arealways 100 percent vested in the contributions that you make. For more details, please refer tothe Vesting section in Comparing Plans.Normal retirement age under the VRS Hybrid Retirement Plan is your normal Social Securityretirement age for the purpose of the defined benefit component. You become eligible for anunreduced retirement benefit at your normal Social Security retirement age with at least fiveyears (60 months) of creditable service or when your age and service equal 90. You may retirewith a reduced benefit as early as age 60 with at least five years (60 months) of creditableservice. To determine your reduced benefit, VRS applies an early retirement reduction factor tothe benefit you would receive if you retired with an unreduced benefit. For the definedcontribution component, you are eligible to receive distributions upon leaving employment,subject to restrictions.For more information, see the Virginia Retirement System Hybrid Retirement Plan Handbook forMembers available at www.varetirement.org/hybrid.If you are eligible for membership in VRS Plan 1 or VRS Plan 2 because you are an existingmember of one of these plans (from previous VRS-covered employment) at the time of hire,please visit www.varetire.org for more information about your plan.Comparing PlansThe description below provides a general overview and comparison of the two plans based on statedassumptions. Consult actual plan documents for all terms, conditions and limitations of coverage.In the event of a claim, the actual plan documents in force at the time will prevail.W&M Human Resources – W&M ORP ComparisonGuidePage 4 of 22

W&M ORPType of PlanThe W&M ORP is a definedcontribution plan. Yourretirement benefit depends onthe contributions provided to theplan and the investmentperformance of thosecontributions. At retirement, aparticipant may start receivingdistributions from the balance inhis or her account, reflecting thecontributions, investment gainsor losses, and any required fees.W&M Human Resources – W&M ORP ComparisonGuideVRS Hybrid PlanThe VRS Hybrid Retirement Plancombines the features of a definedbenefit plan and a definedcontribution plan. The plan appliesto eligible members hired on orafter January 1, 2014 and to VRSPlan 1 and VRS Plan 2 memberswho opted into the plan during aspecial election window. The defined benefit is basedon your age, creditableservice and average finalcompensation at retirementusing a formula The benefit from the definedcontribution plan dependson the contributions made tothe plan and the investmentperformance of thosecontributions. In addition to the monthlybenefit payable from thedefined benefit plan atretirement, you may startreceiving distributions fromthe balance in your definedcontribution account,reflecting the contributions,investment gains or losses,and any required fees.Page 5 of 22

W&M ORPContributionsYour retirement benefit is based onemployer and employeecontributions and the investmentgains and losses on thosecontributions. Each pay date,W&M contributes to your accountan amount equal to 8.5% of yourcompensation. You contribute anadditional 5% of your compensationto your account, for a totalcontribution in the amount of 13.5%of your compensation each pay dategoing into your plan.VRS Hybrid PlanYour retirement benefit is fundedthrough mandatory and voluntarycontributions made by you and by W&Mto both the defined benefit and thedefined contribution components of theplan. Mandatory contributions are basedon a percentage of your monthlycreditable compensation and requiredfrom both you and W&M.Additionally, you may choose to makevoluntary contributions of more than themandatory amount to the definedcontribution component of the plan, andW&M is required to match thosevoluntary contributions according tospecified percentages.The contribution rate is set bystatute. Available investments arechosen by the W&M InvestmentCommittee with oversight from afinancial advising firm by the nameof CapTrust. You are responsiblefor selecting the investments fromthose available, and you bear theinvestment risk.Contribution LimitsInternal Revenue Code Section401(a)(17) specifies that thecompensation on which you andW&M make contributions maynot exceed the compensation limitfor the plan year in which thecompensation is paid. The ORPplan year runs from January 1 toDecember 31. The 2020contribution limit for employeesunder the age of 50 is 19,500and for employees over the ageof 50 is 26,000.W&M Human Resources – W&M ORP ComparisonGuideThe Internal Revenue Code Section401(a)(17) states that compensation usedto calculate your benefit may not exceedthe compensation limit for the plan yearin which the compensation was earned.This is an annual limit, which may beadjusted each year, depending on theamount of increase in the ConsumerPrice Index. Contact the W&M HumanResources office for information on thecurrent year’s limit.Additionally, voluntary contributions gointo the Hybrid 457 DeferredCompensation Plan. The IRS imposesan annual contribution limit on 457plans, which includes the Hybrid 457Deferred Compensation Plan andthe Commonwealth of Virginia 457Deferred Compensation Plan.Page 6 of 22

W&M ORPVestingImmediate for account balance,including both employer andemployee contributions. You maytake all or a portion of your accountbalance when you leave employmentand qualify for a distribution.VRS Hybrid PlanDefined Benefit: Vesting is the minimumlength of service you need to qualify for afuture retirement benefit. You are vestedunder the defined benefit component ofthe Hybrid Retirement Plan when youreach five years (60 months) of creditableservice. VRS Plan 1 or VRS Plan 2members with at least five years (60months) of creditable service who optedinto the Hybrid Retirement Plan will stayvested in the defined benefit component.Defined Contribution: Vesting is theminimum length of service membersneed to be eligible to withdraw employercontributions from the definedcontribution component of the plan. Youare always 100% vested in thecontributions that you make.Upon retirement or leaving coveredemployment, you are eligible to withdrawa percentage of W&M’s contributions.Distribution is not required by law untilage 70½. After two years, you are 50%vested and may withdraw 50% ofemployer contributions. After three years, you are 75%vested and may withdraw 75% ofemployer contributions. After four or more years, you are100% vested and may withdraw100% of employer contributions.W&M Human Resources – W&M ORP ComparisonGuidePage 7 of 22

W&M ORPLeaving EmploymentYou may take a distribution fromyour ORP account when you are nolonger employed by an employerthat provides you a retirementbenefit through a plan administeredor authorized by VRS. Youraccount balance may be left in theplan, rolled over or taken as adistribution.See “Taxation of RetirementBenefit” for more information onthis topic.VRS Hybrid PlanDefined Benefit: If you leave coveredemployment and do not retire, you cantake a refund of your membercontributions and interest, or leave yourmember contribution account balancewith VRS and become a deferredmember. If you are vested beforebecoming a deferred member, you maybe eligible for a future retirement benefitif you meet the age and servicerequirements. If you are vested beforetaking a refund, you will receive a fullrefund of your member account balance.If you are not vested, you will receive arefund of the member account balanceexcluding any member contributionsmade by W&M and the interest on thosecontributions. Taking a refund cancelsyour membership and eligibility for anyfuture VRS benefits.Defined Contribution: There are avariety of distribution options availableto you upon termination of employment,including partial or lump-sum payments,periodic payments, or a combination ofboth. You may also choose to roll yourmoney to another employer’s plan or toan IRA.See “Taxation of Retirement Benefit” formore information on this topic.PortabilityIf you leave public employment inVirginia, your account balance maybe rolled over to a subsequentemployer’s qualified plan or an IRA.Participation continues if you areemployed by one of approximately 800employers that provide retirementbenefits through VRS, including allVirginia state government agencies, allVirginia public colleges and universities,all Virginia public schools and mostVirginia local governments.Creditable service representing manytypes of public service and leaves ofabsence may be purchased to enhancethe benefit.If you leave public employment inVirginia, your defined benefit memberaccount and/or your vested definedcontribution account balance(s) may berolled over to a subsequent employer’squalified plan or an IRA.W&M Human Resources – W&M ORP ComparisonGuidePage 8 of 22

Investment RisksInvestment CostsYou choose how the contributionswill be invested from a range ofoptions. You bear the investmentrisk, and the amount of your benefitdepends upon the amount youcontribute and net investmentearnings.Investment management andrecord-keeping costs are paid by theemployee.Defined Benefit: Your contributions areinvested by the Virginia RetirementSystem and your benefit is calculatedusing a formula.Defined Contribution: You choose howthe contributions will be invested from arange of options. You bear theinvestment risk, and the amount of yourbenefit depends upon the amountcontributed and net investment earnings.Defined Benefit: Investmentmanagement costs are paid by earningson contributions to VRS.Defined Contribution: Investmentmanagement and record-keeping costsare paid by the employee.ConsolidatingRetirement SavingsPlansDistributions from retirement plansother than VRS cannot be rolledinto the W&M ORP. If you are anexisting member of VRS Plan 1,VRS Plan 2 or the VRS Hybrid Planat the time you join the W&M ORP,you may transfer your VRS definedbenefit member account balance tothe W&M ORP. Doing so cancelsyour VRS membership andeligibility for a future VRS definedbenefit.Payouts from other retirement planscan be rolled into the W&M 403(b)Tax Savings Plan (“TSP”), theCommonwealth of Virginia 457Deferred Compensation Plan(“457”), or the 401(a) Virginia CashMatch Plan (Virginia Cash Match).If you rolled funds from anotherretirement plan into the 457 plan orthe Virginia Cash Match, you maywithdraw those funds while you arestill employed. Withdrawals madeprior to age 59½ may be subject to a10% penalty, plus state and federalincome tax withholding.W&M Human Resources – W&M ORP ComparisonGuideYou may be eligible to purchase servicecredit for other periods of public ormilitary service, including time coveredby VRS and refunded service. You maynot roll money from other plans intoVRS except to purchase approvedcreditable service.You may roll payouts from otherretirement savings plans into the W&M403(b) Tax Savings Plan (“TSP”), theHybrid 457 Deferred CompensationPlan, the Commonwealth of Virginia457 Deferred Compensation Plan(“457”) or the 401(a) Virginia CashMatch Plan (“Virginia Cash Match”).If you rolled funds from anotherretirement plan into the 457 or theVirginia Cash Match, you may withdrawthose funds while you are still employed.Withdrawals made prior to age 59½ maybe subject to a 10% penalty, plus stateand federal income tax withholding.Page 9 of 22

Cost-of-LivingAdjustment (COLA)Cost-of-living adjustments are notavailable in this plan unless youpurchase an annuity.Defined Benefit: The cost-of-livingadjustment matches the first 2%increase in the CPI-U and half ofany additional increase (up to 2%)for a maximum COLA of 3% for thedefined benefit component.Defined Contribution: The COLA isnot applicable to the definedcontribution component.SupplementalRetirement SavingsPlansYou may enroll in the W&M 403(b)Tax Savings Plan (“TSP”) and/orthe Commonwealth of Virginia 457Deferred Compensation Plan(“DCP”). New faculty andProfessionals are automaticallyenrolled in the 457 after 60 days ofemployment if they have not alreadyactively enrolled in the DCP. Mustcall ICMA to opt out of the 457 ifelecting the TSP.You may enroll in the W&M 403(b)Tax Savings Plan (“TSP”) and/orthe Commonwealth of Virginia 457Deferred Compensation Plan(“DCP”). New faculty andProfessionals are automaticallyenrolled in the 457 DeferredCompensation Plan after 60 days ofemployment. Call ICMA to opt outof the 457 if electing the TSP.Taxation of RetirementBenefitNo tax is due until you take adistribution from the plan. Theamount distributed directly to you issubject to federal income taxes aswell as state income taxes if you livein a state that taxes income.Distributions may also incur anearly distribution excise if takenprior to age 59½. An exceptionapplies if you separate from serviceafter age 55, receive an annuity ortake essentially equal paymentsduring your lifetime. Taxation maybe postponed if you roll over thedistribution to another employer’splan or to an IRA.Defined Benefit: No tax is due untilyou begin receiving your retirementbenefit. You retirement benefit issubject to federal income taxes aswell as state income taxes if you livein a state that taxes income. Noearly retirement excise tax is due ona lifetime benefit.Educational Leave ofAbsence With Half Payor MoreEmployee and employercontributions will continue to bepaid on the salary earned while oneducational leave.W&M Human Resources – W&M ORP ComparisonGuideDefined Contribution: No tax is dueuntil you take a distribution fromthe plan. The amount distributeddirectly to you is subject to federalincome taxes as well as state incometaxes if you live in a state that taxesincome. Distributions from theHybrid 401(a) Cash Match Planmay incur an early distributionexcise tax if taken prior to age 59½.An exception applies if you separatefrom service after age 55, receive anannuity or take essentially equalpayments during your lifetime.Taxation may be postponed if youroll over the distribution to anotheremployer’s plan or to an IRA.You will be reported to VRS at thefull rate of pay.Page 10 of 22

Educational Leave ofAbsence With Less ThanHalf PayDisabilityNo contributions are made to theORP. No make-up contributions aremade when you return toemployment.No employee or employercontributions are paid. You maypurchase up to four years ofservice credit for any approvedofficial educational leave ofabsence from a VRS-coveredposition when you return toemployment.W&M provides short-termdisability coverage to Faculty andProfessionals that replaces 100percent of salary for up to 120calendar days. W&M provides longterm disability insurance to Facultymembers and Professionals thatreplaces 60 percent of salary (up to 6,000/month) during long-termdisability after a 180-day waitingPeriod and employees pay 40% ofthe cost.You are covered by the VirginiaSickness & Disability Program(VSDP). Faculty/Professionalmembers may opt out of the VSDPand instead select the W&M Planwithin 60 days ofFaculty/Professional hire date.When employment ends as a resultof a disability, a distribution fromthe ORP may begin.W&M Human Resources – W&M ORP ComparisonGuideFor non-work related claims,VSDP provides replacementincome in the event of short-termor long-term disability after thecompletion of one continuous yearof covered employmentFaculty/Professionals memberswho opt out of the VSDP maypurchase voluntary long-termdisability insurance throughW&M by payroll deduction afterthe completion of one year ofcovered employment. W& Mcurrently pays 60% of thepremium and the employee pays40%. If electing VSDP, the statepays the cost for long-termdisability that pays 60% ifapproved after short-term isexhausted.Page 11 of 22

Order of PrecedenceDeath-in-ServiceYou may choose the orderestablished by law in VA to providepayment of your benefits or you maydesignate specific beneficiaries toreceive your benefits in the event ofyour death. Beneficiarydesignations are made by youdirectly with TIAA that administersyour ORP account.The ORP account balance is payableto your named beneficiary. If youhave not named a beneficiary, thebalance is paid according to theorder of precedence. Thebeneficiary may choose from avariety of payment methods.You may choose the orderestablished by law in VA toprovide payment of your benefitsor you may designate specificbeneficiaries to receive yourbenefits in the event of your death.The order or precedence is asfollows: First, to the member’sspouse; If no spouse, to themember’s children anddescendants of themember’s deceasedchildren; If none of the above, to themember’s parents equallyor to the surviving parent; If none of the above, to theduly appointed executor oradministrator of themember’s estate; If none of the above, to thenext of kin under the lawsof the state where themember resided at thetime of death.Defined Benefit: A death-inservice benefit is a lump-sumpayment of the balance in yourmember contribution account, ifany, to your named beneficiary. Ifyour named beneficiary is yourspouse, your natural or legallyadopted minor child or yourparent, he or she may elect alump-sum payment or a monthlybenefit. The death-in-servicebenefit is in addition to any lifeinsurance benefit you may have.Defined Contribution: The definedcontribution account balance ispaid to your named beneficiary. Ifyou have not named a beneficiary,the balance is paid according tothe order of precedence. Thebeneficiary may choose from avariety of payment methods.W&M Human Resources – W&M ORP ComparisonGuidePage 12 of 22

Death-in-Service: WorkRelatedThe ORP account balance ispayable to your named beneficiary.If you have not named a beneficiary,the balance is paid according to theorder of precedence. The beneficiarymay choose from a variety ofpayment methods.No work-related death-in-servicebenefit is available.Defined Benefit: If you die whileyou are an active member from awork-related cause, you namedbeneficiary will be eligible for alump-sum payment of any fundsremaining in your membercontribution account. In addition,your spouse, natural or legallyadopted minor child or parent willbe eligible for a monthly benefit.If this individual is also yournamed beneficiary, he or she willreceive both benefits. If yourbeneficiary is eligible for SocialSecurity survivor benefits, theVRS work-related benefit will beequal to 33⅓% of your averagefinal compensation (AFC) at thetime of your death. If he or she isnot eligible, the VRS benefit will beequal to 50% of your AFC. Ifyour beneficiary is eligible for aworkers’ compensation survivorbenefit, the VRS work-relatedbenefit is offset by the workers’compensation benefit.Defined Contribution: The accountbalance is payable to your namedbeneficiary. If you have not nameda beneficiary, the balance is paidaccording to the order ofprecedence. The beneficiary maychoose from a variety of paymentmethods. No work-related deathin-service benefit is available.Health Insurance Credit:Service RetirementIf you retire and you are age 60 withat least 15 years of VRS servicecredit and/or ORP participation,you are eligible for the healthinsurance credit. To qualify, youmust incur a cost for your ownhealth insurance. The monthlybenefit is 4 per year of service notto exceed the out-of-pocket cost foryour individual premium. Thecredit ceases at your death.W&M Human Resources – W&M ORP ComparisonGuideIf you retire with at least 15 yearsof VRS service credit and/or ORPparticipation, you are eligible toapply for the health insurancecredit. If you qualify, you willbegin receiving your healthinsurance credit when you beginreceiving your retirement benefitand incur a cost for your ownhealth insurance. The monthlybenefit is 4 per year of service notto exceed the out-of-pocket costfor your individual premium. Thecredit ceases at your death.Page 13 of 22

Educational leave with less than halfpay does not count towardcreditable service for the healthinsurance credit.Educational leave with less thanhalf pay does not count towardcreditable service for the healthinsurance credit.Educational leave with half pay ormore counts as creditable service forthe health insurance credit.Educational leave with half pay ormore counts as creditable servicefor the health insurance credit.Forfeiture of BenefitsYour VRS-administered benefitsmay be forfeited if you are convictedof a felony related to your coveredemployment.Your VRS-administered benefitsmay be forfeited if you areconvicted of a felony related toyour covered employment.Eligibility for BenefitPayoutYou may begin receiving benefitswhen you leave state employmentin Virginia, regardless of age. Theamount of the benefit is determinedby contributions to your ORPaccount, adjusted for gains, lossesand fees on investments, and thelength of time the benefit will bepaid.Defined Benefit: Normal SocialSecurity retirement age, or whenage and service equal 90.Health Insurance Credit:Educational LeaveW&M Human Resources – W&M ORP ComparisonGuideDefined Contribution: You areeligible to receive distributionsupon leaving employment, subjectto restrictions.Page 14 of 22

Benefit Payout OptionsThe following options are generallyavailable: Systematic paymentsFull lump-sum distributionPartial lump-sumdistributionAnnuity purchase toproduce a lifetime benefit,with or without survivoroptionRollover to another plan orIRAYou may use a combination of thesepayout methods.Defined Benefit: When you retire,your benefit is paid first from yourmember contribution account.After these funds have been paidout, your benefit is funded from aseparate contribution W&Mmakes to VRS and investmentearnings. You receive yourretirement benefit in the form of amonthly benefit according to apayout option you choose whenyou apply for service retirement.The payout option you select atretirement is irrevocable, with theexception of the Survivor Option(see “Change of Payout Option”).Defined Contribution: Thefollowing options are generallyavailable: Systematic paymentsFull lump-sum distributionPartial lump-sumdistributionAnnuity purchase toproduce a lifetime benefit,with or without survivoroptionRollover to another planor IRAYou may use a combination ofthese payout methods.Change of PayoutOptionDistribution options may be changedfor balances remaining in the plan.Generally, once purchased, theannuity option cannot be changed.Defined Benefit: Selecting theBasic Benefit, PLOP or AdvancePension is irrevocable. For theSurvivor Option, you may name anew survivor or revert to the BasicBenefit if your survivor dies; youdivorce your survivor with fewerthan 20 years of marriage; youdivorce after 20 or more years ofmarriage and your spouse dies,remarries or consents in writing toa change in benefit; or you provideVRS a written consent from yoursurvivor giving up claim to abenefit along with proof of yoursurvivor’s good health.Defined Contribution:Distribution options may bechanged for balances remaining inthe plan. Generally, oncepurchased, the annuity optioncannot be changed.W&M Human Resources – W&M ORP ComparisonGuidePage 15 of 22

Creditable ServiceParticipation in the ORP does notcount toward the calculation of abenefit under the VRS definedbenefit plan; however, ORPparticipation as well as VRS definedbenefit plan service count towardeligibility for group life insurancecoverage and the health insurancecredit in retirement.NOTE: Plan determination is basedon creditable defined benefit se

William & Mary Retirement Comparison Guide for Faculty and Eligible Professionals This publication is for employees of William & Mary who are: hired or rehired January 1, 2018 or later; and are eligible to choose between the William & Mary (W&M) Optional Retirement Plan (ORP), a defined contribution retirement plan; and the Virg