2012 ORP Open Enrollment
ORP OPEN ENROLLMENT
The open enrollment period for all State Optional Retirement Program (ORP) participants is from January 1 through March 1 of each year. During the open enrollment period State ORP participants may change vendors or, if eligible, may irrevocably elect to join the South Carolina Retirement System (SCRS). State ORP participants who have a minimum of 12 months of participation but no more than 60 months of participation by March 1, 2013, (initial ORP enrollment date between January 1, 2008 and March 1, 2012) are eligible to switch from State ORP to SCRS during the 2013 open enrollment period. Changes in ORP providers or election of the SCRS plan are effective April 1, 2013.
- ORP participants who irrevocably elect to join SCRS during the 2013 open enrollment will be considered a Class III member and are subject to new retirement criteria as outlined in the 2012 SCRS Member Handbook.
- ORP participants who irrevocably elect to join SCRS may purchase ORP service as earned service credit in the SCRS plan. The cost to purchase ORP service credit will be at least 16% of your career highest salary or more based on an actuarial cost.
- Participants have the option to roll over ORP funds to purchase the service credit. Please note that if you elected TIAA CREF as your ORP provider while participating in the State ORP, TIAA CREF has a specific timeframe in which you may rollover your ORP funds to SCRS for this service purchase without incurring surrender charges. We encourage you to promptly contact TIAA CREF to obtain further details.
- For more information on other types of service available for purchase, you can review the SCRS Member Handbook .
If you need assistance in making this important decision, you may view the video
“It’s Your Choice: SCRS vs. State ORP” or the ”Select your Retirement Plan” publication on the South Carolina Retirement Systems website. You may also contact the ORP plan representatives listed below for assistance.
For more information or to change plans, University employees should contact the University Benefits Office at 792-2607 or email@example.com.
Enoch Booth (843) 343-7400 firstname.lastname@example.org
Mark Taylor (843) 442-3715 email@example.com
Ross Evans (843) 881-3697 firstname.lastname@example.org
Mike Wiggins (843) 795-7957 email@example.com
Michael Leonard (843) 557-4869 www.michaelleonard.metlife.com
Nick Brailsford (704) 988-4357 firstname.lastname@example.org