Information for Non-Retirees

As previously communicated, the Dept. of Higher Education (DHE), as the Plan’s Administrator, has eliminated VALIC as a Provider under the Optional Retirement Program (ORP). This means that, if you have assets with VALIC, you will need to choose which of the remaining two Providers you would prefer, either TIAA or Fidelity, to receive future contributions and invest your assets.

Default Provider

The DHE is pleased to report that TIAA will be the default Provider for those VALIC participants who do not transfer their ORP assets to either Fidelity or TIAA on their own by October 11, 2019.

Final Exit Date

Any ORP assets remaining at VALIC at the close of business on November 4, 2019 will be swept to TIAA, the default Provider, on November 11, 2019.

The assets swept to TIAA will be allocated to the ORP’s default investment funds: the Lifecycle fund appropriate for your age.

Importance of Finding A New Provider & Enrollment

Please make time during the next few months to learn about the services, investment funds and related costs at Fidelity and TIAA. It is important for you to make a sound, informed choice of your new Provider.

Fidelity

Website: https://nb.fidelity.com/public/nb/madohe/home
Fidelity offers 2 options for providing information about their products and services, and providing assistance with your transition from VALIC:

Direct Contact – Matt Toedt can be reached by phone at 508-450-4284 or matthew.toedt@fmr.com. Matt has been working with employees of the state universities and community colleges for years, so he has an in-depth knowledge of the plan and the transition requirements. Matt has appointments scheduled throughout the day but will make every effort to respond to your inquiry as soon as possible.
Immediate Assistance – The Fidelity phone planning team is available from 8 a.m. – 9 p.m. (EST). They can be reached at (800) 248-4213. These representatives are also familiar with the transition process.

You must open your new account at Fidelity and transfer your assets from VALIC to Fidelity BEFORE October 11, which is the hard deadline by which your election must be recorded in the payroll system.

Reminder: Click here for information about assets in VALIC’s Fixed Account Plus and Fixed Interest Option

TIAA

Website: https://www.tiaa.org/public/tcm/massorp/retirement-benefits/plan1

TIAA offers 2 options for providing information about their products and services, and providing assistance with your transition from VALIC:

Transferring your VALIC assets to TIAA is quick and easy, and offers the following advantages:

Meet with your TIAA financial consultants at no additional cost anytime, at your work location or a local TIAA office. Call TIAA at (800) 732-8353, weekdays, 8 a.m. – 8 p.m., (EST) or visit TIAA.org/schedulenow to schedule an appointment.
For immediate assistance, call TIAA at (800) 842-2252, weekdays, 8 a.m.– 10 p.m., (EST) and Saturday 9 a.m. – 6 p.m. (ET). TIAA is here to help you understand your options and make this important decision for your retirement plan.

IMPORTANT: If you select TIAA as your Provider, you will have two methods of making this transition:

Sweep on November 11: Under this approach, you do not have to take any action. There are no forms to sign. Learn more >>
Do it yourself: TIAA allows two pay periods to process before VALIC will be closed. You must first open your new account at TIAA and then contact VALIC and instruct them to transfer your ORP assets from VALIC to TIAA BEFORE October 11.

Reminder: Click here for information about assets in VALIC’s Fixed Account Plus and Fixed Interest Option

Enrollment & Transfer of Assets to Fidelity or TIAA

In order to transfer your assets yourself—instead of the default sweep—you must select a new Provider; open an account with that new Provider, and then transfer your ORP assets from VALIC to TIAA or Fidelity by October 11.

Open your new account at your chosen Provider. You must print the last screen—which documents your new account—and give this to your campus' Benefits Administrator.

Open with TIAA

Open with Fidelity (Plan Number: 84828)

Complete a new ORP Election/Change form, identifying your new Provider. No other forms are required.

ORP Election/Change Form

Submit your ORP Election/Change form to your campus’ Benefits Office immediately. Your Benefits Administrator will ensure that your new Provider selection is entered in the payroll system promptly; directing your future contributions to your new Provider.
Transfer your assets into your new Provider account by contacting VALIC. This must only be done after steps 1-2 have been completed.

Transfer Out form: VALIC will require completion of their “Transfer Out” form. This is where you must provide information about your new account and Provider. VALIC has different forms for their Portfolio Director Annuity and their RSVP Mutual Funds. To get VALIC's "Transfer Out" form, call (800) 448-2542.
1. Portfolio Director Annuity Form: If you enrolled in the ORP prior to September 2010 (Sample Transfer-Out Form & Instructions)
2. RSVP Mutual Fund Form: If you enrolled in the ORP after August 2010 (Sample Transfer-Out Form & Instructions)
If you are currently employed by the Commonwealth and DO NOT WANT your Fixed Account Plus and/or Fixed Interest Option assets swept to TIAA’s Traditional Account then you must open an account with either TIAA or Fidelity on your own BEFORE October 11. Learn more >

Currently Drawing Funds From the ORP*

If you are currently drawing Systematic Withdrawals or automated Minimum Required Distributions from your account at VALIC, then you must initiate these distributions with your new Provider after having opened your new account and transferred your ORP assets out of VALIC and to your new Provider.

Please contact Fidelity at (800) 248-4213 and TIAA at (800) 842-2252 for help with these transactions.

Reminder: TIAA’s fixed interest fund, the Traditional Account, does not make payment in the form of Systematic Withdrawals.