Faculty Retirement - 9 - Optional Retirement Program 3

Faculty Retirement - 9 - Optional Retirement Program 3

Unlike the SRPS, the ORP does not have an early retirement benefit with regards to age and years of service.  The federal tax law applies for determining when a distribution can be taken without an early withdrawal penalty.  Again, that age is 59 1/2.  

The ORP investment accounts do not provide a disability benefit.  However, if you become disabled, you may have the option to receive the full value of your current ORP account balance.  Refer directly to your ORP provider with regards to the documentation required for a disability distribution.  

Should death occur before retirement, your account balance is paid to your designated beneficiary or estate.  If you die after retirement, your beneficiary survivor benefit will be determined based on the payment option selected upon retirement.  The ORP does not provide the one-time payment of the annual salary like the SRPS does.