August > Retirement Corner
Urgent: Action May Be Required for your UT Retirement Program!
Two months ago the Office of Employee Benefits announced that, after a competitive bidding process and extensive review, five companies were selected to provide retirement services for the UT Retirement Program beginning September of 2012. Those providers are:
- Fidelity Investments
- Lincoln Financial Group
What does this mean for you?
If your current retirement plan contributions to the UT Optional Retirement Program (ORP), UTSaver Tax Sheltered Annuity (TSA) and/or the Deferred Compensation plan (DCP) plans currently go to MetLife Resources, Axa Equitable, RSGroup, Kemper Investors or Lincoln Investments (not related to Lincoln Financial), you will need to select one of the above approved providers to received your contributions prior to August 10, 2012. No contributions to these companies will be allowed after August 2012. Your current investments may remain with your current retirement provider or may be transferred to any of the five approved Program Providers.
What happens if you don’t act?
For ORP participants, if you do not select one of the five approved providers to receive your future contributions, your ORP contributions and the state match will be held by your payroll office and will not earn any returns or interest until such time as you select a new provider.
For TSA and DCP participants, if you do not select a new provider your contributions will be stopped on August 10th.
If your current retirement plan contributions go to Fidelity, ING, Lincoln Financial Group, TIAA-CREF or VALIC, you do not need to take any action. However, if your monthly retirement contributions are going to either MetLife Resources, Axa Equitable, RSGroup, Kemper Investors or Lincoln Investments, time is running out!
Each of the approved Retirement Program Providers offer numerous services at no cost to you that will assist you in making an informed decision regarding your retirement needs and contributions. To select a new provider or to learn more about your investment options, please visit our website at: www.utretirement.utsystem.edu/enroll.htm.