Retirement Plan Vendor Transition
Beginning November 1, 2020 Ohio University offers the following retirement plan vendor options for the ARP, 403(b), and 457(b) retirement plans: AIG/VALIC, AXA-Equitable, TIAA, and Voya. Ohio Deferred Compensation will remain a 457 plan only provider. This change was announced on 8/3/2020 in the Retirement Account Vendor Change Announcement.
If you currently use AIG/Valic, AXA-Equitable, TIAA, and Voya you will receive information directly from them regarding how your retirement plan investments and contributions may be impacted starting November 1, 2020. We encourage you to contact your vendor directly to review your options. If you currently use Ohio Deferred Compensation, their investment options are not changing at this time and your current investment setup will continue.
If you currently use a vendor who will no longer be available you will need to select a new vendor. Follow the links below for the vendor change forms and for additional guidance. If you fail to select a new vendor your retirement plan contributions will automatically be directed to a Target Date Fund with TIAA until you make an election.
AIG/Valic, AXA/Equitable, TIAA, Voya and Ohio Deferred Compensation will be providing guides explaining their investment options and fees, as well as customer service contact numbers for questions and assistance.
Human Resources will be hosting general online open forums as well as forums with each vendor.
We encourage you to review the below information regarding these upcoming changes. Please contact the Benefits Office at benefits@ohio.edu if you have any questions.
Transition Guides
The AIG/Valic, AXA/Equitable, TIAA, and Voya guides contain information regarding three tiers of investment choices.
- Tier 1 will provide a Target Date Fund (based upon your current age and your estimated retirement age).
- Tier 2 will offer both passive and actively managed mutual fund choices across all major asset classes and will include many recognized major mutual fund providers.
- Tier 3 will allow you to choose your preferred investment fund choices through a brokerage window although there may be higher fees associated with this option.
Ohio Deferred Compensation will continue to offer their current 457 plan and investment options.
Below you will find information from the approved vendors including transition guides and contact information. Click on the company name to download the transition guide.
Retirement Plan Provider Comparison Chart [PDF]
AIG/Valic Guide
(740) 777-0940
1-800-448-2542
AIG/Valic Transition Guide [PDF]
AIG/Valic Investment Lineup [PDF]
AXA/Equitable Guide
1-800-551-2423
Click here to schedule an appointment
AXA/Equitable Transition Guide [PDF]
AXA/Equitable Investment Lineup [PDF]
TIAA Guide
1-800-842-2252
Click here to schedule an appointment or email levans2@tiaa.org
TIAA Transition Guide [PDF]
TIAA Investment Lineup [PDF]
VOYA Guides
1-800-584-6001
Click here to schedule an appointment
Post January 2018 Client Guide [PDF]
Pre January 2018 Client Guide [PDF]
Investing Mapping for Pre January 2018 Clients [PDF]
Voya Investment Lineup [PDF]
Funds and Performance as of 8/31/20 [PDF]
Ohio Deferred Compensation
(740) 701-6994
Online Open Forum Schedule
|
DATE |
TIME |
LINK |
|
Monday, September 14, 2020 |
9am |
|
|
Monday, September 14, 2020 |
1pm |
|
|
Monday, September 14, 2020 |
3pm |
|
|
Wednesday, September 16, 2020 |
9am |
|
|
Wednesday, September 16, 2020 |
3pm |
|
|
Thursday, September 17, 2020 |
9am |
|
|
Thursday, September 17, 2020 |
1pm |
|
|
Thursday, September 17, 2020 |
3pm |
|
|
Friday, September 18, 2020 |
9am |
|
|
Friday, September 18, 2020 |
1pm |
|
|
Friday, September 18, 2020 |
3pm |
Vendor Online Open Forum Schedule
|
DATE |
TIME |
LINK |
|
| Voya |
Monday, September 21, 2020 |
2pm |
|
| TIAA | Tuesday, September 22, 2020 | 11am | |
| AIG/Valic | Tuesday, September 22, 2020 | 2pm | Join Microsoft Teams Meeting |
| AXA/Equitable | Wednesday, September 23, 2020 | 12pm | Join Microsoft Teams Meeting |
| TIAA | Wednesday, September 23, 2020 | 4pm | Join Microsoft Teams Meeting |
| Voya | Thursday, September 24, 2020 | 10am | |
| AXA/Equitable | Thursday, September 24, 2020 | 3pm |
Forms
Alternative Retirement Plan (ARP)
Those in the Alternative Retirement Plan should complete the ARP Vendor Change Form 2020 [PDF] and submit by Friday, October 16, 2020.
403b/ 457 Supplemental Retirement Plans
The 403(b)/457 Vendor Change Form [PDF] should be completed by Friday, October 16, 2020 by those contributing to a 403b and/or 457 Supplemental Retirement Account.
Already with AIG/Valic, AXA/Equitable, Voya or TIAA?
In the coming weeks, you will receive information directly from your vendor indicating how your retirement plan contributions may be allocated starting November 1, 2020. You will have the opportunity to work with your retirement plan vendor to review your investment allocations and make any desired changes. Contract your vendor representative to review your options.
What if my vendor is no longer available?
If you currently use a vendor who will no longer be an option, you will need to select a new vendor. All of the funds you have invested now can remain invested where and with whom they are invested. And, you can continue working with your investment advisor regarding the investment of those funds. However, starting November 1 all new retirement plan contributions will need to be through one of the four selected vendors.
If you do not select a vendor by November 1, 2020 you will automatically be enrolled in a Target Date fund with TIAA. We encourage you to:
- Attend one of our Online Open Forum sessions or the vendor open forums to learn more and ask questions.
- Review the transition guides provided by each vendor which describes investment options and fees.
- Check with your current retirement plan contact. Several investment advisors are currently reviewing whether they can continue to offer their services through one of the remaining vendors. It is our understanding that Ameriprise Financial Services, Mike Carpenter and Associates, The Legend Group, Snider Fuller & Stroh, WealthBridge, Wells Fargo Advisors (Jim Karageoge) are researching this option. If they enter a relationship with one of the remaining vendors, you may be able to continue to partner with them regarding your retirement plans.
- Set up an individual appointment with the continuing vendors to review investment option and services provided by each vendor.
To change vendors, complete the appropriate form:
Information for Retirees and Separated Participants
Retirees and those who have separated from the university can continue using their current retirement plan vendor. You are encouraged to contact your retirement plan vendor to review your options.
Sample Questions to ask retirement vendors
I would like to review my investment options on the new investment platform for contributions after November 1, 2020.
a. Would an age-based Target Date Fund be a good fit for me?
b. If I decide to build my own investment portfolio, which investments would be appropriate for me and what percentage should I allocate to each fund?
I have a balance in the current annuity platform that will be frozen. Can you help me analyze whether I should move it to the new mutual fund investment platform?
a. Can I move a portion of my balance?
b. How do the fees and performance compare for the investments I have now and what I can select on the new mutual fund platform for a similar investment?
c. What is my current crediting rate on my fixed investment and how does it compare to what I will receive on the new investment platform?
d. Will there be any penalties or fees incurred if I move balances from the current annuity investment platform to the mutual fund investment platform? If so, when will these fees no longer apply, meaning how long do I have to wait to move the funds to avoid a penalty or fee?
Based on my current contributions, asset allocation and my anticipated retirement date, what is my projected balance at retirement? What types of income options will I have?
a. How do I check the beneficiaries that are on file for my retirement plans?
b. When is it important for me to change or update my beneficiaries?