Open Enrollment Reminder for State ORP Eligible Employers
Date Posted: December 31, 2009
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). Any State ORP participant who wishes to change vendors should complete a State ORP Notice of Termination or Change (Form 1162). State ORP participants who have a minimum of 12 months of participation but no more than 60 months of participation by March 1, 2010, (hired between January 1, 2005 and March 1, 2009) are eligible to switch from State ORP to SCRS during the 2010 open enrollment period.
Employers are responsible for notifying all State ORP participants of the open enrollment. The enrollment period offers significant choices for State ORP participants so we encourage you to consider providing an opportunity for the four State ORP vendors—The Hartford, MetLife Resources, VALIC and TIAA CREF—to meet with interested eligible employees at your worksite to answer any questions they may have. The vendors may contact you to arrange a meeting with your eligible employees. Also, please provide your employees with the “Select Your Retirement Plan” guide, or have them view our new video “It’s Your Choice: SCRS vs. State ORP” in order to assist them in making this important retirement decision.
Any State ORP participant who decides to irrevocably join SCRS must complete and sign:
These forms, the guide, and the video are available on our Web site at www.retirement.sc.gov.
Since any changes made during the upcoming open enrollment period are not effective until April 1, 2010, please do not make any applicable payroll changes until the first payroll on or after April 1, 2010.
If you have any questions, please contact Customer Services toll free at 800-868-9002, or at 803- 737-6800 or www.retirement.sc.gov.