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Managing Provider Accounts and Funds

Establishing New/Additional Provider Accounts
Changing the Single Provider for Plan Contributions
Transferring Funds Between Providers
About the Providers

Participants may select only one Provider to receive Plan Contributions at any given time. Participants may establish accounts with more than one Provider, however, and may transfer funds between existing accounts at any time. They may also elect to change their single Provider for Plan Contributions as long as at least 12 months have passed since their last selection.

Establishing New/Additional Provider Accounts

Participants may establish new/additional Provider accounts if they wish to change their Single Provider for Plan Contributions or transfer existing funds between accounts.

To establish a new/additional Provider account, Participants may revisit Step Four in the ORP Enrollment Center. The DHE will confirm the account's establishment with you.

Changing the Single Provider for Plan Contributions

Participants may change their single Provider for Plan Contributions as long as at least 12 months have passed since their last selection.

To select a new Provider for Plan Contributions, Participants must:

  1. Establish an account with the new Provider, if they do not have one already; and
  2. Complete a new ORP Enrollment/Change Form (.PDF), indicating the name of their new Provider, and return this form to you.

To process the change, Campus Administrators must:

  1. Review the ORP Enrollment/Change Form for completeness and accuracy;
  2. Confirm establishment of the new Provider account with the DHE;
  3. Ensure that the new Provider selection is recorded in their campus payroll system; and
  4. Forward the Participant's Enrollment/Change Form to the Plan Administrator.

A change will only affect the remittance of future contributions. Assets already residing with a Provider will not automatically be transferred to the new Provider.

Transferring Funds Between Providers

Participants may transfer funds between existing Provider accounts at any time. To arrange the transfer, they need to contact the Provider of the account that currently holds the funds funds and the Provider to which the funds will be sent.

You may remind Participants who are transferring assets between Providers, are younger than age 55, and participated in the Plan prior to July 1, 2004, that they should instruct any former Providers to report the current value of their June 30, 2004, balance to their new Provider. This ensures that their "old money" will be available for lump sum distribution prior to age 55 from their new Provider.

About the Providers

The ORP-enabling legislation requires the Plan to operate with not fewer than two and not more than four providers. The Providers are selected through a competitive bidding process. Providers offer annuity and/or mutual fund accounts to participants. Some companies may offer both. The current Providers are:

  • Fidelity Investments
  • Lincoln Financial Group
  • TIAA-CREF
  • VALIC

The Providers invest Plan Contributions based on the investment allocation set by the Participant. Setting and changing investment allocations should be done by the Participant after consultation with their Provider's representatives. Administrators cannot provide any form of investment advice.

 

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