Form Orp-3 - Optional Retirement Program Of The University Of North Carolina Acknowledgement Of Particpation
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OPTIONAL RETIREMENT PROGRAM OF
THE UNIVERSITY OF NORTH CAROLINA
DISCLOSURE NOTICE & INSTRUCTIONS FOR FORM ORP-3
As a participant in the Optional Retirement Program of The University of North Carolina (ORP) your
benefit is funded by contributions made by both you and the University. Your contributions are
deducted from your paycheck on a pre-tax basis (before federal and state taxes). University
contributions are also made on a pre-tax basis. This means that you are not taxed on contributions and their investment
earnings until you begin receiving payments from the plan. Contributions to the ORP end when you are no longer
employed.
Money taken from the plan is called a “distribution.” This includes receiving benefits when you retire, or receiving the
value of your plan account if you end your employment with the University before your retire. The ORP is intended to
provide you with income after you retire. You may not withdraw money from the plan while you are employed by the
University. You may elect to receive a distribution from the vested portion of your ORP account when you retire or when
you leave employment with the University.
When you leave the University you must complete the Optional Retirement Program of the University of North Carolina
Acknowledgement of Participation form (FORM ORP-3), regardless of whether or not you take a distribution from the plan.
For information about distribution options and to obtain the necessary forms to begin receiving a benefit, please contact
your retirement vendor (Fidelity, Lincoln, TIAA-CREF and/or VALIC).
Please read this notice and the instructions that follow to help you complete FORM ORP-3. If you have any questions
about Form ORP-3, please contact your UNC Campus Human Resources-Benefits Representative.
UNC OPTIONAL RETIREMENT PROGRAM VESTING REQUIREMENTS
Being “vested” means you have a non-forfeitable right to the ownership of your plan benefits, even if you leave
employment with the University. You are always 100% vested in your contributions to the plan, as well as their investment
earnings. You are 100% vested in the University’s contributions and their earnings after five years of participating in the
ORP. In addition, some special vesting rules apply:
You become 100% vested in the University’s contributions and their earnings upon your death. This means that if
you die before retirement while still actively employed with The University, your beneficiary is entitled to the full
value of your retirement benefit, including University contributions and their earnings, even if you had fewer than
five years of participation in the ORP.
If you leave the University your participation in any combination of Teachers’ and State Employees’ Retirement
System, the Local Governmental Employees’ Retirement System (LGERS) and/or the Consolidated Judicial
Retirement System, as well as the ORP, will count toward the ORP’s five-year participation requirement for vesting.
If you leave employment with the University before completing five years of participation in the ORP, and within 12
months of your termination of employment you continue participation in a “like retirement plan” (i.e. the primary
retirement plan of another institution of higher education or health care), and the plan is underwritten by one of
the four retirement vendors currently underwriting the ORP, then the University will vest you in the value of the
University contributions and their earnings.
“Like Retirement Plan” means a retirement plan of an institution, organization or system of higher education or health
care, including without limitation, schools which are part of the National Consortium for Specialized Secondary Schools of
Mathematics, Science and Technology, in each case in which the individual participates through one or more annuity
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