Summary of Retirement Options for Faculty
September 2009
Southeastern ConferenceInstitutions:
Louisiana State University:
1)Teacher’s Retirement System of Louisiana (vesting: 5 years)
2) Optional Retirement Plan (vesting: immediate)
The Teacher’s Retirement System of Louisiana administers and maintains the ORP.
University of Florida:
1) Florida Retirement System
--Florida Retirement System Investment Plan (vesting: 1 year)
--Florida Retirement System Pension Plan (vesting: 6 years)
2) State University System Optional Retirement Program(vesting: immediate)
The ORP is administered by the State University System.
University of Georgia:
1) Teachers Retirement System of Georgia(vesting: 10 years)
2) The University System of Georgia Optional Retirement Program (vesting: immediate)
The Board of Regents of the University System of Georgia is responsible for the administration of the ORP and designates the companies authorized to underwrite the investment contracts.
University of Kentucky:
1) University of Kentucky’s Retirement Plan (vesting: immediate)
They do not offer an Optional Retirement Plan, but offer 403b and 457b voluntary supplemental plans.
University of South Carolina:
1) South Carolina Retirement System (vesting: 5 years)
2) State Optional Retirement Program (vesting: immediate)
The ORP is administered by South Carolina Retirement Systems.
University of Tennessee:
1) Tennessee Consolidated Retirement System (vesting: 5 years)
2) Optional Retirement Program(vesting: immediate)
All services for the ORP are provided through one of the authorized investment service managers. The investment service managers provide investment products, communication, enrollment, record keeping, custody, participant meetings, and call centers in cooperation with the higher education benefits offices under the oversight of the Tennessee Consolidated Retirement System.
Vanderbilt University:
1) The Vanderbilt Retirement Plan (vesting: immediate)
They do not offer an Optional Retirement Plan, but offer some voluntary supplemental contribution opportunities.
University of Alabama:
1)Alabama State Teachers' Retirement System (vesting: 10 years)
They do not offer an Optional Retirement Plan, but offer 403b and 457b voluntary supplemental plans.
University of Arkansas:
1) Arkansas Public Employees Retirement System (vesting: 5 years)
2)Arkansas Teachers Retirement System (vesting: 5 years)
3)University of Arkansas Optional Retirement Plan (vesting: immediate)
The Optional Plan is administered by the University of Arkansas System and TIAA-CREF and Fidelity.
Auburn University:
1)Alabama State Teachers' Retirement System(vesting: 10 years)
They do not offer an Optional Retirement Plan, but offer 403b and 457b voluntary supplemental plans.
University of Mississippi:
1) Public Employees' Retirement System (vesting: 4 yearsif hired prior to July 1, 2007; 8 years, if hired on or after July 1, 2007)
2) Optional Retirement Planof Mississippi (vesting: immediate)
The ORP is administered by the state in conjunction with chosen financial vendors.
Mississippi State University:
1) Public Employees' Retirement System(vesting: 4 yearsif hired prior to July 1, 2007; 8 years, if hired on or after July 1, 2007)
2) Optional Retirement Plan of Mississippi (vesting: immediate)
The ORP is administered by the state in conjunction with chosen financial vendors.
Some Sample Non-Southeastern ConferenceInstitutions:
University of Virginia:
1) Virginia Retirement System(vesting: immediate for member contribution account; 5 years for lifetime benefit)
2) Faculty Optional Retirement Plan (vesting: immediate)
The ORP is administered by the University in conjunction with chosen financial vendors.
University of Nevada:
1) Nevada Public Employers’ Retirement System (vesting: 5 years)
2) Faculty/Professional Retirement Plan Alternative (vesting: immediate)
The institution is the administrator of the Alternative Plan and has designated the Chancellor, who may delegate specific responsibilities, to be responsible for the duties required for operation of the Plan.
University of Missouri:
1) University of Missouri Retirement, Disability and Death Benefits Plan (vesting: 5 years)
The University of Missouri Retirement, Disability and Death Benefits Plan is overseen and administered by the University of Missouri Retirement and Staff Benefits Committee. They do not offer an Optional Retirement Plan, but offer 403b and 457b and 401a voluntary supplemental plans.
University of North Carolina:
1) Teachers' and State Employees' Retirement Program (vesting: 5 years)
2) Optional Retirement Program (vesting: employee contributions immediate; University contributions 5 years)
This ORP is sponsored by the University of North Carolina system. The Board of Governors of The University of North Carolina is responsible for the administration of the ORP and designates the companies authorized to offer investment products.