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.
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.
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.
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.
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:
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
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:
IMPORTANT: If you select TIAA as your Provider, you will have two methods of making this transition:
Reminder: Click here for information about assets in VALIC’s Fixed Account Plus and Fixed Interest Option
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.
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 >
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.