You may change ORP providers as the recipient of future contributions any time after 12 months have elapsed since the more recent of initial enrollment or the last change. To change providers for future contributions:
Changing the destination of future contributions to a new provider does not automatically transfer current assets between providers.
Transferring Existing Assets between Providers
You must establish an account with the provider to whom you are transferring assets. You may transfer assets between providers at any time using the providers’ forms. These transfers do not require authorization from the plan administrator.
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 form.
You should consult with a representative of the providers from and to which you are transferring funds. Make sure 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.
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.