Change in Optional Retirement Plan Provider effective December 2024

The Idaho State Board of Education Retirement Plan Committee has recently completed a multi-year, comprehensive review of the Idaho Optional Retirement Plan, (ORP). As a result of that plan review, it has been recommended and approved at the December 13, 2023 State Board of Education meeting, that Fidelity will become the sole provider of the administrative services for the ORP effective December, 2024.

The primary motivation of this change is to enhance the participant experience due to Fidelity’s leadership, expertise, and ability to more effectively assist faculty and staff in their retirement planning needs. In addition to an improved client service model, this change in ORP Provider will also result in reduced plan fees for all plan participants along with greater transparency in fees.

This change will have no impact on the overall plan design and contribution rates for faculty and staff in the ORP. The change will impact all participants currently enrolled with TIAA or Corebridge as all eligible ORP plan assets will automatically be moved to Fidelity by December of 2024.

More information will be provided by the Office of the State Board of Education as we transition into the new year, along with important dates, next steps, and other relevant details that will be communicated prior to the effective date of this transition in December of 2024. A set of Frequently Asked Questions has been posted to the State Board of Education website. These FAQs will be updated throughout this transition. Additionally, it is anticipated that all faculty and staff enrolled in the ORP will receive a direct communication coordinated by the Idaho State Board of Education regarding this change after the holidays.

Please contact the HR Department at benefits@isu.edu or 208-282-3106 if you have additional questions.