Virginia Retirement System (VRS) - http://www.varetire.org
Virginia Retirement System (VRS) is a defined benefit plan with a formula to calculate retirement benefits. Full-time and part-time classified employees participate in the (VRS) as a condition of employment effective on their employment date. Classified employees must contribute 5% of salary to VRS. Faculty has the option to elect to participate in VRS or an Optional Retirement Plan (see below). For faculty, participation in a retirement plan is also a condition of employment. You are vested after five years of VRS service. VRS benefits are paid in addition to any other retirement income you receive, including Social Security.
VRS Plan 1 and VRS Plan 2 http://www.varetire.org/Pdf/Publications/vrs-plans-comparison.pdf
Optional Retirement Plans (ORP) FACULTY ONLY
As an alternative to the Virginia Retirement System, the Commonwealth of Virginia and Old Dominion University offer full-time faculty members a choice of two optional retirement ORP plans. ORPs are defined contribution plans. Old Dominion University contributes 8.5 percent of the contract salary. Faculty must contribute 5% of their salary for a total amount contribution of 13.5% Faculty determines how the contribution is to be invested. Disability retirement is not provided. Faculty member are vested with the first contribution. Optional retirement plans available are:
ORP Plan 1 http://www.varetire.org/Pdf/Publications/orp-guide-plan-1.pdf
ORP Plan 2 http://www.varetire.org/Pdf/Publications/orp-guide-plan-2.pdf