Retirement - Optional Plan
Effective July 1, 1996, Delta began offering the Optional Retirement Plan (ORP) to ensure that our eligible faculty and staff have a flexible retirement program, if they so choose. The ORP plan provides attractive, portable pension benefits which will enhance academic mobility, recruitment, and retention efforts.
- Each employee who participates in the ORP plan will receive 10 percent of his or her
covered salary from Delta College.
- No employee contribution.
- Our ORP plan offers full and immediate vesting.
- Participants may choose among different investment options.
- At retirement, employees may choose from a variety of payout options including a lump sum payout if they have retired or terminated from the College.
- This defined contribution plan does not provide medical, vision and dental benefits at time of retirement.
- Delta College has selected Teachers Insurance and Annuity Association (TIAA) to administer this plan and to manage our investments.
- Each employee who participates in the ORP plan will receive 10 percent of his or her covered salary from Delta College.
- New eligible employees will be able to choose either the Optional Retirement Plan (ORP) or the Michigan Public School Employees Retirement System (MPSERS) during their first 90 days of employment.
- Employees who transfer to an eligible classification will also have 90 days from the date of transfer to enroll for the Optional Retirement Plan (ORP).
- After 90 days, the choice you selected becomes irrevocable. If ORP is selected first, it is irrevocable immediately.
All full-time regular Administrative Professional Staff and Faculty