The University System of Georgia ORP Transition Guide
The University System of Georgia ORP Transition Guide The University System of Georgia ORP Transition Guide
Table of ContentsThe University System of GeorgiaOptional Retirement Plan:Retirement and Savings OptionsThis brochure provides an overview of the retirement investmentoptions available to you through the University System of GeorgiaOptional Retirement Plan (ORP), as well as information aboutrecent plan changes. Here’s what you’ll find inside:The University System of Georgia ORP at a Glance .......................................1Making the Most of Your Retirement Savings ..................................................2What’s Changing and Why .....................................................................................3Approved Providers .................................................................................................. 4About Fidelity Investments ® .................................................................................. 6About TIAA-CREF ......................................................................................................7About VALIC .................................................................................................................8A Three-Tiered Approach ....................................................................................... 9Fidelity Investments ® Investment Choices ......................................................10TIAA-CREF Investment Choices ......................................................................... 12VALIC Investment Choices ....................................................................................14
The University System of GeorgiaOptional Retirement Plan at a GlanceThe University System of Georgia Optional Retirement Plan is an alternative tothe Teachers Retirement System of Georgia (TRS). Both ORP and TRS are designed tohelp you build retirement savings that you can combine with your personal savings andSocial Security benefits to meet your financial needs in retirement. Although you and theUniversity System of Georgia share the cost of each plan, you’re responsible for choosinghow to invest your contributions, the investment strategies you use to pursue yourretirement savings goals, and how to receive money after you retire.EligibilityFaculty and all exempt benefit-eligible staff are eligible to participate in the ORP.ContributionORP Contribution RateEmployer: 9.24%Employee: 5.00%The University System of Georgia ORP allows members to allocate both the employee and the employercontributions among the three ORP investment providers, with the following provisions:• All combined allocations must total 100%• If divided, the minimum investment made to any one company must be 10%• All contributions must be a whole number percentageVestingVesting refers to an employee’s right, usually earned over time, to receive some retirement benefits regardlessof whether or not he or she remains with the employer. The University System of Georgia ORP provides for fulland immediate vesting of both employee and employer contributions. This means that every dollar contributedto your ORP account by the University System of Georgia on your behalf remains in your account, even if youremployment is terminated.Within the University System of Georgia ORP, you have a choice of providers. On the pages that follow, you’llfind information on each of these providers and the investment choices available to you.University System of Georgia Optional Retirement Plan | 1
- Page 1: Maximize Your Retirement Savings:Th
- Page 5 and 6: What’s Changing and WhyIn order t
- Page 7 and 8: Who Can I Contact if I Need Assista
- Page 9 and 10: About TIAA-CREFWith $414 billion in
- Page 11 and 12: University System of Georgia ORP In
- Page 13 and 14: Fidelity Investment Menufor Univers
- Page 15 and 16: TIAA-CREF Investment Menufor Univer
- Page 17 and 18: VALIC Investment Menufor University
- Page 19: Take the Next StepTo learn more abo
<strong>The</strong> <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong>Optional Retirement Plan at a Glance<strong>The</strong> <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> Optional Retirement Plan is an alternative tothe Teachers Retirement <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> (TRS). Both <strong>ORP</strong> and TRS are designed tohelp you build retirement savings that you can combine with your personal savings andSocial Security benefits to meet your financial needs in retirement. Although you and the<strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> share the cost <strong>of</strong> each plan, you’re responsible for choosinghow to invest your contributions, the investment strategies you use to pursue yourretirement savings goals, and how to receive money after you retire.EligibilityFaculty and all exempt benefit-eligible staff are eligible to participate in the <strong>ORP</strong>.Contribution<strong>ORP</strong> Contribution RateEmployer: 9.24%Employee: 5.00%<strong>The</strong> <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> <strong>ORP</strong> allows members to allocate both the employee and the employercontributions among the three <strong>ORP</strong> investment providers, with the following provisions:• All combined allocations must total 100%• If divided, the minimum investment made to any one company must be 10%• All contributions must be a whole number percentageVestingVesting refers to an employee’s right, usually earned over time, to receive some retirement benefits regardless<strong>of</strong> whether or not he or she remains with the employer. <strong>The</strong> <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> <strong>ORP</strong> provides for fulland immediate vesting <strong>of</strong> both employee and employer contributions. This means that every dollar contributedto your <strong>ORP</strong> account by the <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> on your behalf remains in your account, even if youremployment is terminated.Within the <strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> <strong>ORP</strong>, you have a choice <strong>of</strong> providers. On the pages that follow, you’llfind information on each <strong>of</strong> these providers and the investment choices available to you.<strong>University</strong> <strong>System</strong> <strong>of</strong> <strong>Georgia</strong> Optional Retirement Plan | 1
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