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ORP open enrollment continues
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The
open enrollment period for all State Optional Retirement Program (ORP)
participants is from Jan. 1 through March 1 of each year.
During the open enrollment period State ORP participants may change
vendors or, if eligible, may irrevocably elect to join the South
Carolina Retirement System (SCRS). State ORP participants who have a
minimum of 12 months of participation but no more than 60 months of
participation by March 1 (initial enrollment date between Jan. 1, 2005
and March 1, 2009) are eligible to switch from State ORP to SCRS during
the 2010 open enrollment period. Changes in ORP providers or election
of the SCRS plan are effective April 1.
ORP participants who irrevocably elect to join SCRS may purchase ORP
service as earned service credit in the SCRS plan. The cost to do this
is 16 percent of your career highest salary. Participants have the
option to roll over ORP funds to purchase the service credit. If you
elected TIAA CREF as your ORP provider while participating in the State
ORP, TIAA CREF has a specific timeframe in which you may rollover your
ORP funds to SCRS for this service purchase without incurring surrender
charges. Human Resources encourage you to promptly contact TIAA CREF to
obtain further details.
If you need assistance in making this decision, you may review the
resources provided on the South Carolina Retirement Systems Website at http://www.retirement.sc.gov
such as the publications “SCRS Member Handbook” and “Select your
Retirement Plan” or the video “It’s Your Choice: SCRS vs. State ORP.”
Contact the ORP plan representatives listed below for assistance.
For more information or to change plans, university employees should
contact the University Benefits Office at 792-2607 or benefits@musc.edu.
- VALIC: Enoch Booth, 343-7400 or enoch.booth@valic.com; Mark Taylor, 442-3715 or mark.taylor@valic.com
- The Hartford: Ross Evans, 881-3697or ross.evans@edwardjones.com; Mike Wiggins, 795-7957 or mike.wiggins@edwardjones.com
- TIAA/CREF: Preston Rainer, (877) 535-3910 ext. 1367, prainer@tiaa-cref.org, or 800-842-2776
Friday, Jan. 29, 2010
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