System Benefits Administration
ORP/TDA Retirement Plan Vendor Changes
The Internal Revenue Service has passed new regulations requiring increased employer responsibility for 403(b) plans. As a result, The A&M System is in the process of making changes to the Optional Retirement Program (ORP) and the Tax-Deferred Account (TDA) in order to better position our retirement plans for the future requirements.
For any new or transfer accounts in the ORP or TDA programs, the following vendors are approved, effective September 1, 2008:
• AIG Retirement (formerly AIG/VALIC) • Fidelity Investments • ING • Lincoln Financial Group • Metlife Resources (formerly Citistreet) • RS Group • TIAA-CREF
(If you contribute to one of these vendors, changes will not affect you.)
Employees currently contributing to vendors who are not on the approved list may continue contributing to these vendors if the vendor will comply with the new 403(b) regulations. Employees contributing to vendors who will not comply with the new IRS regulations will be required to move future contributions to an approved vendor before January 1, 2009. However, they will not be required to transfer their existing account balance to the new vendor.
System Benefits Administration is in the process of confirming inactive vendors who will not be able to comply with the new IRS regulations. We will individually notify employees contributing to any non-complying vendor as soon as possible. The status of inactive vendors will be updated as information is available here.
If you have any questions regarding your vendor or future contributions, please feel free to contact your Human Resources Office or Employee Service Center.
