As a result of an audit earlier this year, a decision was made by the Maryland State Retirement Agency that Fidelity Investments will be added as a participating plan under both the Optional Retirement Plan (ORP) and the Supplemental Retirement Program (SRA) effective January 1, 2005.
Two plans currently available under the ORP and SRA, American Century and ING Aetna, will no longer be available to faculty and staff members after January 1, 2005. Please note that TIAA- CREF, AIG Valic and Nationwide will continue as participating plans in 2005.
All faculty and staff members who are currently participating in either the American Century or ING Aetna ORP or SRA will have to select new plans before December 1, 2004. ORP members of those two plans who fail to elect a new plan by the December 1 deadline will be defaulted into Fidelity?s Freedom Income Fund. SRA participants of those two plans who don?t complete new forms will experience an end to their active pre-tax payroll contributions with the first paycheck of 2005. Those voluntary contributions will resume only after new enrollment forms are completed and processed. Special materials are being sent via campus mail to all faculty and staff members who are currently participating in either American Century or ING Aetna detailing these changes.
In order to provide assistance to those directly affected by these changes, and to give all eligible employees the opportunity to find out about the new Fidelity program which will now be available to them, representatives from all the 2005 ORP and SRA plans will be available at the Benefits Festival on Wednesday, November 17 between 10:30 a.m and 2 p.m. in the University Union Potomac Lounge. In addition, two special informational sessions with all the plans have been scheduled for Monday, November 15 at 1 p.m. and Monday, November 22 at 10 a.m. in the Human Resources Training Room, Admin. 120.
Questions should be directed to Dave Curtis, x4-6018 or {dcurtis@towson.edu}, or Gail Price, x4-6017, {gprice@towson.edu}.
