Transferring Existing Assets Between Providers
You may transfer assets between Providers at any time. You should use the Providers’ forms to effect such a transfer. These transfers do not require authorization from the Plan Administrator.
You must establish an account with the Provider to whom you are transferring assets. You may do this in the ORP Enrollment Center.
Special Note: If you are also going to remit future contributions to your new Provider, then you must submit a new "ORP Enrollment/Change Form" to your campus' Benefits Administrator. This will ensure that the payroll system is updated to reflect your choice of Provider for prospective contributions. Your campus benefits administrator will provide the "ORP Enrollment/Change Form."
You should consult with a representative of the Providers, from, and to which you are transferring funds, to be certain you understand any fees and restrictions that may be applicable to such a transaction, as well as the economic impact they can have on your long-term accumulation of assets under the plan.
“Grandfathered” assets for lump sum payment (participants younger than age 55): You should instruct your current Provider to send information about your “old money” (lump sum rules) to your new Provider when they transfer your funds. While the Providers have agreed to do this, their systems may not send the information automatically; hence the suggestion to remind them about this; ensuring that you do not lose any payment flexibility in the future.
Transfers between Providers do not affect current contributions: Your decision to transfer current assets between Providers does not automatically change the Provider to which future contributions are remitted.