It’s time to notify participants in the Optional Retirement Plan for Higher Education that open enrollment takes place October 1-31.
Active ORPHE participants have a choice of two investment providers: DCP (VRS investment options record-kept by Voya Financial) and TIAA. Each provides record-keeping and administrative services, along with a range of investment options. VRS monitors these provider options and services and periodically recommends changes to benefit members.
Participants who wish to change investment providers can compare and select their provider in myVRS. Provider changes are effective on the first pay date in January.
Advise employees who are considering switching providers to use the ORPHE Provider Options chart to review fees, services and plan features.
Acknowledge Provider Changes
The ORPHE employers webpage includes instructions in the myVRS Navigator section for acknowledging provider changes.
Make sure your payroll records accurately reflect provider changes and remittance of contributions to the correct provider beginning with the first pay date in January.
Attend the Annual ORPHE Employer Webinar
Join the VRS Defined Contribution Plans team for the ORPHE Employer Update on Wednesday, September 16 from 2-3:30 p.m. The webinar will include:
- An ORPHE plan summary and a review of the past year.
- Employer resources and open-enrollment materials.
- Plan administration updates to help you prepare for the upcoming open-enrollment period.
Presentation slides will be posted on the ORPHE employers webpage after the webinar.
