Plan Highlights

Optional Retirement Plan Highlights                                       

This is a quick reference guide that includes information on ORP features, plan providers and detailed investment options. Our goal is to help you make informed decisions on your retirement options.

A PDF of this document is available: PDF iconGuide 2 ORP Highlights 2017.pdf

Disclaimer – Please read carefully

This Decision Making Guide provides an overview of the OPSRP/PERS and the ORP. The descriptions of the OPSRP and PERS in this Choices Guide are based on Oregon Public Universities Retirement Plans’ understanding of applicable legislation, as amended and as affected by judicial decisions, as of the date of this guide. In addition, PERS regularly adopts administrative rules to implement legislative and operational changes. The descriptions of OPSRP and PERS are therefore subject to modification and/or clarification by new legislation, court decisions, and PERS’ administrative rulemaking. This material is intended to assist in the administration of the plan, and it includes a summary of common ORP plan provisions. To obtain additional information contact your campus benefits office for assistance with questions, transactions, or circumstances that are not included in the Choices Guide. In case of conflict between this Choices Guide and the official plan documents of the ORP and Oregon state law regulating OPSRP/PERS, the official plan documents, Oregon state law, and federal regulations will govern. A copy of the ORP plan document is available through your campus benefits office upon request.

 

ORP Provider Information

 

Fidelity Investments

TIAA

VALIC

ORP Plan #

71681

101528

01034-002

Participant Call Center

800-343-0860

800-842-2888

866-283-4892

Participant Website

www.netbenefits.com/opurp

www.tiaa.org/opurp

www.valic.com

Loans

Not Available

One Per Year

One Per Year

Initial Eligibility

Unclassified academic and administrative staff qualifying positions include:

0.3 FTE/12-mo appointment, or

0.4 FTE/9-mo (academic) appointment, or

Fixed-Term appointments that are more than 9 and less than 12, or

Non-Fixed term appointments if employee works at least 50 hrs/mo in each of the first 6 months of the initial waiting period

Closed

Change of Fund Sponsor

One time per year for new contributions.

 

Contributions and Vesting

 

Employer

Employee

Employer Match

Tiers 1 and 2

23.68%

6.00%

N/A

Tier 3

9.29%

6.00%

N/A

Tier 4

8.00%

N/A

1.00-4.00%

Employee Vesting

100% vested after 5 years of contributions or age 50 while employed

100% vested immediately

100% vested immediately

 

Distributions

Reason for Distributions

Separation from Service, Disability, or Death

Enrollment

ORP/PERS Election Form is provided by your campus benefits office

Selecting Investments

Investments are participant-directed online after establishing an ORP Provider (Fidelity, TIAA) account. See Section 7 “How to Enroll” for instructions on setting up an account.

Investment Education

Participant education and account services provided by ORP Plan Provider

Normal Retirement Age

Age 58 effective 01/01/2015

Plan Election

Irrevocable election for ORP is made up to 6 months after hire date

Salary Base

Contributions based on a percentage of the first $270,000 of annual salary

Transfers

Fund-to-fund transfers within a menu are restricted by excessive trading, market timing and redemption period policies. Annual account transfers are permitted between Plan Providers. Transfers into VALIC funds from other Plan Providers are no longer available.

 

Participants' Choice of Programs

ORP: Fidelity

ORP: TIAA

ORP: VALIC

Core Menu

Target Retirement Date Funds

Passively-Managed Index Funds

Actively-Managed Mutual Funds

VOYA Fixed and Variable Annuities

TIAA Traditional, Fixed Annuity

Variable Annuities

Mutual Funds

Target Retirement Date Funds

Fixed Annuity

Variable Annuities

Self-Direct Choice Menu

Fidelity Brokerage Account

 

 

 

The Oregon State Board of Higher Education, the University of Oregon, and your employing institution assume no responsibility for determining that investments you select are suitable for you. When you participate in the ORP, you agree to indemnify and hold the Oregon State Board of Higher Education, the University of Oregon, your employing institution, and their officers, employees and agents harmless from, and to pay the State of Oregon promptly on demand for, any and all losses, liabilities, claims, and costs including reasonable attorney fees that may arise from your acts or omissions related to your selection of investments or services. The release and indemnification is in addition to, and in no way restricts any rights which may exist at law or under any other agreement(s) between you and the State of Oregon. Fund fact sheets are available online through Provider’s dedication Participant websites.

It is important to read the prospectus before investing in any investment option. The prospectus spells out details about the investment and provides information about the investment’s objectives and past investment results. Keep in mind as you review the information that past returns do not guarantee future performance. To order prospectus information, contact the investment sponsor using the phone numbers or websites listed in this booklet.

 

ORP: Fidelity

Offers a custom-constructed investment menu to suit a wide range of investor preferences, including:

“Lifecycle” target retirement date mutual funds designed for “hands off” investors

A core investment menu of mutual funds spanning a broad range of asset classes

Fixed and variable annuities

Brokerage accounts for investors who want maximum flexibility and accept full personal responsibility for the performance and costs associated with a wide array of mutual funds available as an additional choice

A post-tax Roth account for tax-advantaged investment earnings

Fidelity Investments has been a Provider for the ORP since 2007. As a record-keeper for the ORP, Fidelity provides account administration, participant education and retirement consultations. Fidelity is one of the largest mutual fund firms in the United States, offering investment management, retirement planning, brokerage services, and state of the art services technology.

Fidelity offers a core menu of investment mutual funds, including target date “lifecycle” funds, passively managed index funds, actively managed funds for each of the nine MorningStar asset classes, and an array of VOYA fixed and variable annuities. Investments on the core menu are monitored for performance and fees by an investment advisor and committee, and may be changed from time to time as needed to meet the investment policy of the plan. Each investment bears different expenses for not only investment management, but also record-keeping and participant education services. Participant education and advising is available online, by phone or through individual meetings with retirement counselors.

For more information, call Fidelity Investments at 1-800-343-0860 or visit www.netbenefits.com/opurp

ORP: TIAA

TIAA (Teachers Insurance and Annuity Association) is a leading financial services organization. The firm is a leader in helping those in the academic, medical, cultural, governmental, and research fields plan for retirement. TIAA offers “lifecyle” target date retirement funds, fixed and variable annuities, including a guaranteed interest account, a real estate account, socially responsible balanced account, four equity and three fixed income accounts, as well as mutual funds representative of major asset classes.

For more information, call TIAA at 1-800-842-2776 or visit www.tiaa.org/opurp

ORP: VALIC

VALIC is closed to enrollment after October 10, 2007

VALIC comprises a national team of nearly 2,000 financial advisors and planners who, while offering a wide array of investment services, provide personal face to face service. VALIC offers more than 60 fixed and variable investment options managed by various well-known fund families.

For information, current participants can call VALIC at 1-800-448-2542 or visit www.VALIC.com