June > Special ANNUAL ENROLLMENT Edition for UT System Employees > Retirement Corner
Important Retirement Plan Changes
The Office of Employee Benefits is pleased to announce the selection of five companies to provide retirement services for the UT Retirement Program.
The University of Texas System recently issued a Request for Proposals for companies to provide investment products and services to employees enrolled in the UT Optional Retirement Program (ORP), UTSaver Tax Sheltered Annuity (TSA) or UTSaver Deferred Compensation Plan (DCP). For employers who offer retirement plans conducting a competitive proposal process for retirement providers is an essential step in ensuring due diligence responsibilities are met. After an extensive review, the following companies were selected as Approved Providers:
- Fidelity Investments
- Lincoln Financial Group
What does this mean for you?
If you are currently making retirement plan contributions to the ORP, UTSaver TSA and/or DCP plans through MetLife Resources, Axa Equitable, RSGroup, Kemper or Lincoln Investments (not related to Lincoln Financial), you will need to select one of the above approved providers to receive your contributions prior to August 10, 2012. No contributions to companies other than approved providers 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.
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.
Each of the approved Retirement Program Providers offers numerous services at no cost to you to 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.