Employees may supplement the FRS retirement fund by establishing a tax-sheltered annuity. The ORP is a defined contribution plan providing immediate vesting. The University contributes a percentage of earnings to an annuity for all members, as defined by State law. Members receive a lifetime monthly annuity income at retirement based on the amount of funds contributed, the investment earnings of those funds and the type of annuity selected. All ORP members must select an investment option and obtain an annuity contract within the first ninety days of employment to activate their membership.
Members have several companies available as investment choices.
Employees may also supplement the ORP with voluntary contributions to the annuity company of their choice.