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Tennessee Optional Retirement Plan

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

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Tennessee Optional Retirement Plan

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

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

  7. Tennessee ORP Changes • Current investment choices will no longer be effective after June 30, 2010. • 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 • Select vendor(s) to receive the employer deposits to your account • Percentage to each vendor • Select investment options • Name your beneficiary • 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. 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 What about my current ORP Contract? Tennessee ORP

  11. Tennessee ORP Changes Tennessee ORP

  12. Your Funds Are Still Invested Tennessee ORP

  13. What Didn’t Change? • ORP is still a source of life payments to you upon retirement. • No more than half of your ORP balance in a lump sum. • 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. ING 866-776-6704 TIAA-CREF 800-732-8353 VALIC 800-448-2542 To invest, enroll, or inquire, about ORP call: Tennessee ORP

  15. UT faculty / staff Benefits Call Center at 865-946-8847 or toll free 1-888-444-8847. TBR faculty and staff contact your campus Human Resources or Benefits office. Campus Human Resources Office Tennessee ORP

  16. Internet Links to ORP http://treasury.tn.gov/orp Thank You! Tennessee ORP

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