Tennessee Optional Retirement Plan April 14, 2010 ORP is Changing.

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Presentation transcript:

Tennessee Optional Retirement Plan April 14, 2010 ORP is Changing

Tennessee ORP 2 Tennessee Optional Retirement Plan Welcome! Tennessee Optional Retirement Plan (ORP) is an alternative to the State defined benefit retirement plan, Tennessee Consolidated Retirement System (TCRS) Changes are affecting current participants

Tennessee ORP 3 Tennessee ORP Changes About 1 Hour Overview Optional Retirement Plan (ORP) Service Model changes ING, TIAA-CREF, and VALIC have new investment options and program enhancements. Education Session in four parts

Tennessee ORP 4 Tennessee ORP Changes Plan Sponsors  State of Tennessee Beth Chapman Service Providers  TIAA CREF Chris Lynch  VALIC Brad Hope  ING Clint LeGeyt

Tennessee ORP 5 What’s New? No further deposits to your current annuity contracts starting July 1, 2010 New investment options Fee reductions Greater transparency of fees for service Greater flexibility to change investment options within the plan

Tennessee ORP 6 What’s New? Optional Retirement Plan Investment advice online; All three providers offer  No Fee Option Increased internet transaction access and statement availability

Tennessee ORP 7 Tennessee ORP Changes Current investment choices will no longer be effective after June 30, Take action now to select investment options. If you do not select new investment options, you will be defaulted into a target date fund

Tennessee ORP 8 Act promptly 1. Select vendor(s) to receive the employer deposits to your account 2. Percentage to each vendor 3. Select investment options 4. Name your beneficiary 5. Submit forms by May 14, 2010 to campus HR Office

Tennessee ORP 9 What if I Don’t? Percentage to provider unchanged. Deposits after June 30, 2010 will go into a target date fund. Is this right for you?

Tennessee ORP 10 What about my current ORP Contract? No future deposits to your ORP contract. New investments have no life insurance component. Any money you transfer out of your annuity contract cannot later be redeposited

Tennessee ORP 11 Tennessee ORP Changes State Contributions will be deposited to: Current plan contract thru Current accumulations can remain OR can be transferred New contract effective New features Designate beneficiary for the new contract Consider investment strategy

Tennessee ORP 12 Your Funds Are Still Invested Your ORP Account/ Contract Balance June 30 July 1, 2010 Fully Vested YES You Choose ORP Service Providers YES You Choose Investments YES State Contributes YES Fully Invested until You withdraw YES State Contributes Before July 1 YESNO State Contributes After July 1 NOYES Investments Earn after June 30 YES

Tennessee ORP 13 What Didn’t Change? life payments ORP is still a source of life payments to you upon retirement. half No more than half of your ORP balance in a lump sum. annuitize If you take a lump sum distribution you must annuitize an equal amount at the same time. ING, TIAA-CREF, and VALIC will continue to provide ORP service.

Tennessee ORP 14 To invest, enroll, or inquire, about ORP call: ING TIAA-CREF VALIC

Tennessee ORP 15 Campus Human Resources Office UT faculty / staff Benefits Call Center at or toll free TBR faculty and staff contact your campus Human Resources or Benefits office.

Tennessee ORP 16 Internet Links to ORP Thank You!